-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EjLlsZr0lildE+Y0KnoetYZBhWXI3gn0XAvvBjN/zDJPRgD0h8DGK7nQA9D9q/NU 8Plytqf5qutsNhapkBLlPg== 0000891092-10-002957.txt : 20100723 0000891092-10-002957.hdr.sgml : 20100723 20100722180321 ACCESSION NUMBER: 0000891092-10-002957 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20100902 FILED AS OF DATE: 20100723 DATE AS OF CHANGE: 20100722 EFFECTIVENESS DATE: 20100723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK APEX MUNICIPAL FUND INC CENTRAL INDEX KEY: 0000817998 IRS NUMBER: 222984252 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05227 FILM NUMBER: 10965678 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: APEX MUNICIPAL FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MAXIMUM YIELD MUNICIPAL FUND INC DATE OF NAME CHANGE: 19871019 FORMER COMPANY: FORMER CONFORMED NAME: MUNIMAX FUND INC DATE OF NAME CHANGE: 19871015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK HIGH INCOME SHARES CENTRAL INDEX KEY: 0000830474 IRS NUMBER: 042999956 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05495 FILM NUMBER: 10965709 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 1-888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: CIGNA HIGH INCOME SHARES DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INCOME TRUST INC CENTRAL INDEX KEY: 0000832327 IRS NUMBER: 133463349 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05542 FILM NUMBER: 10965706 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKSTONE INCOME TRUST INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INCOME OPPORTUNITY TRUST INC CENTRAL INDEX KEY: 0000880280 IRS NUMBER: 133634989 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06443 FILM NUMBER: 10965707 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: NY ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NORTH AMERICAN GOVERNMENT INCOME TRUST INC DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: BLACKSTONE NORTH AMERICAN GOVERNMENT INCOME TRUST INC DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INSURED MUNICIPAL TERM TRUST INC CENTRAL INDEX KEY: 0000882346 IRS NUMBER: 133642644 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06512 FILM NUMBER: 10965681 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKSTONE INSURED MUNICIPAL TERM TRUST INC DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC CENTRAL INDEX KEY: 0000894242 IRS NUMBER: 133690436 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07354 FILM NUMBER: 10965701 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNIASSETS FUND, INC. CENTRAL INDEX KEY: 0000901243 IRS NUMBER: 223239638 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07642 FILM NUMBER: 10965699 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MUNIASSETS FUND INC DATE OF NAME CHANGE: 19930714 FORMER COMPANY: FORMER CONFORMED NAME: MUNIINCOME FUND INC DATE OF NAME CHANGE: 19930517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC CENTRAL INDEX KEY: 0000902717 IRS NUMBER: 133710959 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07672 FILM NUMBER: 10965691 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INVESTMENT QUALITY MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0000902719 IRS NUMBER: 137014351 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07666 FILM NUMBER: 10965702 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST DATE OF NAME CHANGE: 19930714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC CENTRAL INDEX KEY: 0000902731 IRS NUMBER: 133710958 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07670 FILM NUMBER: 10965695 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK HIGH YIELD TRUST CENTRAL INDEX KEY: 0001068234 IRS NUMBER: 134031238 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08991 FILM NUMBER: 10965708 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK STRATEGIC MUNICIPAL TRUST CENTRAL INDEX KEY: 0001089094 IRS NUMBER: 134069935 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09401 FILM NUMBER: 10965679 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST CENTRAL INDEX KEY: 0001089821 IRS NUMBER: 134069938 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09417 FILM NUMBER: 10965680 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137390 IRS NUMBER: 510409117 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10337 FILM NUMBER: 10965688 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137391 IRS NUMBER: 510409109 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10331 FILM NUMBER: 10965722 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST CENTRAL INDEX KEY: 0001137392 IRS NUMBER: 510409116 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10333 FILM NUMBER: 10965698 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLORIDA MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20010330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137393 IRS NUMBER: 510409115 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10339 FILM NUMBER: 10965697 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137440 IRS NUMBER: 510409123 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10335 FILM NUMBER: 10965693 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST CENTRAL INDEX KEY: 0001159038 IRS NUMBER: 510413313 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10499 FILM NUMBER: 10965723 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST CENTRAL INDEX KEY: 0001159039 IRS NUMBER: 510413311 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10503 FILM NUMBER: 10965690 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL 2018 TERM TRUST CENTRAL INDEX KEY: 0001159040 IRS NUMBER: 510413263 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10501 FILM NUMBER: 10965676 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CORE BOND TRUST CENTRAL INDEX KEY: 0001160864 IRS NUMBER: 522346891 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10543 FILM NUMBER: 10965721 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK STRATEGIC BOND TRUST CENTRAL INDEX KEY: 0001165216 IRS NUMBER: 412024432 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10635 FILM NUMBER: 10965684 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL BOND TRUST CENTRAL INDEX KEY: 0001167467 IRS NUMBER: 383645602 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21036 FILM NUMBER: 10965673 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK TAX FREE INCOME TRUST DATE OF NAME CHANGE: 20020213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL BOND TRUST CENTRAL INDEX KEY: 0001167470 IRS NUMBER: 383645605 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21037 FILM NUMBER: 10965689 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK TAX FREE INCOME TRUST DATE OF NAME CHANGE: 20020213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL BOND INVESTMENT TRUST CENTRAL INDEX KEY: 0001169028 IRS NUMBER: 383645608 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21054 FILM NUMBER: 10965674 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLORIDA MUNICIPAL BOND TRUST DATE OF NAME CHANGE: 20020312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MARYLAND MUNICIPAL BOND TRUST CENTRAL INDEX KEY: 0001169029 IRS NUMBER: 383645611 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21051 FILM NUMBER: 10965677 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST CENTRAL INDEX KEY: 0001169031 IRS NUMBER: 383645610 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21050 FILM NUMBER: 10965694 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK VIRGINIA MUNICIPAL BOND TRUST CENTRAL INDEX KEY: 0001169034 IRS NUMBER: 383645607 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21053 FILM NUMBER: 10965682 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL INCOME TRUST II CENTRAL INDEX KEY: 0001176194 IRS NUMBER: 010722216 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21126 FILM NUMBER: 10965696 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II CENTRAL INDEX KEY: 0001176197 IRS NUMBER: 010722231 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21124 FILM NUMBER: 10965687 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001181024 IRS NUMBER: 816105964 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21179 FILM NUMBER: 10965692 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST III DATE OF NAME CHANGE: 20020816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INSURED MUNICIPAL INCOME INVESTMENT TRUST CENTRAL INDEX KEY: 0001181026 IRS NUMBER: 816105967 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21180 FILM NUMBER: 10965705 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20020904 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLORIDA MUNICIPAL INCOME TRUST III DATE OF NAME CHANGE: 20020816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INSURED MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001181187 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21178 FILM NUMBER: 10965704 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNICIPAL INCOME TRUST III DATE OF NAME CHANGE: 20020819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST CENTRAL INDEX KEY: 0001181249 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21184 FILM NUMBER: 10965712 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLORIDA MUNICIPAL 2022 TERM TRUST DATE OF NAME CHANGE: 20020819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL 2020 TERM TRUST CENTRAL INDEX KEY: 0001181250 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21181 FILM NUMBER: 10965675 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNICIPAL 2022 TERM TRUST DATE OF NAME CHANGE: 20020819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CREDIT ALLOCATION INCOME TRUST III CENTRAL INDEX KEY: 0001213169 IRS NUMBER: 270046786 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21280 FILM NUMBER: 10965720 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK PREFERRED OPPORTUNITY TRUST DATE OF NAME CHANGE: 20030113 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK PREFERRED INCOME TRUST DATE OF NAME CHANGE: 20030107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK LTD DURATION INCOME TRUST CENTRAL INDEX KEY: 0001233681 IRS NUMBER: 200096695 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21349 FILM NUMBER: 10965700 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-227 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK LIMITED DURATION INCOME TRUST DATE OF NAME CHANGE: 20030611 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MANAGED DURATION INCOME TRUST DATE OF NAME CHANGE: 20030529 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MANAGED DURATION TRUST DATE OF NAME CHANGE: 20030516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK DIVIDEND ACHIEVERS TRUST CENTRAL INDEX KEY: 0001265316 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21443 FILM NUMBER: 10965717 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19808 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK STRATEGIC DIVIDEND ACHIEVERS TRUST CENTRAL INDEX KEY: 0001277350 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21493 FILM NUMBER: 10965683 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST CENTRAL INDEX KEY: 0001280936 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21522 FILM NUMBER: 10965685 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST DATE OF NAME CHANGE: 20040423 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK S&P GLOBAL QUALITY RANKINGS TRUST DATE OF NAME CHANGE: 20040324 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK S&P QUALITY RANKINGS TRUST DATE OF NAME CHANGE: 20040220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FLOATING RATE INCOME TRUST CENTRAL INDEX KEY: 0001287480 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21566 FILM NUMBER: 10965713 BUSINESS ADDRESS: STREET 1: 40 EAST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-754-5336 MAIL ADDRESS: STREET 1: 40 EAST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK GLOBAL FLOATING RATE INCOME TRUST DATE OF NAME CHANGE: 20040528 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK VARIABLE RATE & INFLATION PROTECTED SECURITIES DATE OF NAME CHANGE: 20040416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Energy & Resources Trust CENTRAL INDEX KEY: 0001306550 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21656 FILM NUMBER: 10965715 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Global Energy & Resources Trust DATE OF NAME CHANGE: 20041020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Health Sciences Trust CENTRAL INDEX KEY: 0001314966 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21702 FILM NUMBER: 10965710 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: (888) 825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Global Opportunities Equity Trust CENTRAL INDEX KEY: 0001320375 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21729 FILM NUMBER: 10965711 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Enhanced Dividend Achievers Trust CENTRAL INDEX KEY: 0001332283 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21784 FILM NUMBER: 10965714 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Long-Term Municipal Advantage Trust CENTRAL INDEX KEY: 0001343793 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21835 FILM NUMBER: 10965716 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Municipal Advantage Income Trust DATE OF NAME CHANGE: 20051108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Real Asset Equity Trust CENTRAL INDEX KEY: 0001368893 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21931 FILM NUMBER: 10965686 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Real Asset Trust DATE OF NAME CHANGE: 20060713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CREDIT ALLOCATION INCOME TRUST IV CENTRAL INDEX KEY: 0001379384 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21972 FILM NUMBER: 10965719 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK PREFERRED & EQUITY ADVANTAGE TRUST DATE OF NAME CHANGE: 20070629 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Preferred & Equity Advantage Trust DATE OF NAME CHANGE: 20061115 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Preferred & Equity Trust DATE OF NAME CHANGE: 20061027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock International Growth & Income Trust CENTRAL INDEX KEY: 0001393299 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22032 FILM NUMBER: 10965703 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock EcoSolutions Investment Trust CENTRAL INDEX KEY: 0001403238 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22082 FILM NUMBER: 10965724 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Alternative Energy & Resource Trust DATE OF NAME CHANGE: 20070614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Defined Opportunity Credit Trust CENTRAL INDEX KEY: 0001412914 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22126 FILM NUMBER: 10965718 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-882-0052 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Strategic Income Opportunities Trust DATE OF NAME CHANGE: 20070921 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Fixed Income Opportunities Trust DATE OF NAME CHANGE: 20070920 DEF 14A 1 e38861def14a.htm PROXY STATEMENT

UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

 

Filed by the Registrant |X| Filed by a Party other than the Registrant |_|

Check the appropriate box:

|_| Preliminary Proxy Statement
    
|_| Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
    
|X| Definitive Proxy Statement
    
|_| Definitive Additional Materials
    
|_| Soliciting Material Pursuant to §240.14a-12

BlackRock Apex Municipal Fund, Inc.
BlackRock California Municipal 2018 Term Trust
BlackRock California Municipal Income Trust
BlackRock Core Bond Trust
BlackRock Credit Allocation Income Trust III
BlackRock Credit Allocation Income Trust IV
BlackRock Defined Opportunity Credit Trust
BlackRock Dividend Achievers™ Trust
BlackRock EcoSolutions Investment Trust
BlackRock Energy and Resources Trust
BlackRock Enhanced Dividend Achievers™ Trust
BlackRock Floating Rate Income Trust
BlackRock Florida Municipal 2020 Term Trust
BlackRock Global Opportunities Equity Trust
BlackRock Health Sciences Trust
BlackRock High Income Shares
BlackRock High Yield Trust
BlackRock Income Opportunity Trust, Inc.
BlackRock Income Trust, Inc.
BlackRock Insured Municipal Income Investment Trust
BlackRock Insured Municipal Income Trust
BlackRock International Growth and Income Trust
BlackRock Investment Quality Municipal Income Trust
BlackRock Investment Quality Municipal Trust, Inc.
BlackRock Limited Duration Income Trust
BlackRock Long-Term Municipal Advantage Trust
BlackRock Maryland Municipal Bond Trust
BlackRock MuniAssets Fund, Inc.
BlackRock Municipal 2018 Term Trust
BlackRock Municipal 2020 Term Trust
BlackRock Municipal Bond Investment Trust
BlackRock Municipal Bond Trust
BlackRock Municipal Income Investment Trust
BlackRock Municipal Income Trust
BlackRock Municipal Income Trust II
BlackRock New Jersey Investment Quality Municipal Trust, Inc.
BlackRock New Jersey Municipal Bond Trust
BlackRock New Jersey Municipal Income Trust
BlackRock New York Insured Municipal Income Trust
BlackRock New York Investment Quality Municipal Trust, Inc.
BlackRock New York Municipal 2018 Term Trust
BlackRock New York Municipal Bond Trust
BlackRock New York Municipal Income Trust
BlackRock New York Municipal Income Trust II
BlackRock Real Asset Equity Trust
BlackRock S&P Quality Rankings Global Equity Managed Trust
BlackRock Strategic Bond Trust
BlackRock Strategic Dividend Achievers™ Trust
BlackRock Virginia Municipal Bond Trust
The BlackRock Insured Municipal Term Trust Inc.
The BlackRock Pennsylvania Strategic Municipal Trust
The BlackRock Strategic Municipal Trust
(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

|X| No fee required.
    
|_| Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
      
  (1) Title of each class of securities to which transaction applies:
    
 
  (2) Aggregate number of securities to which transaction applies:
    
 
  (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
    
 
  (4) Proposed maximum aggregate value of transaction:
    
 
  (5) Total fee paid:
    
 

      |_| Fee paid previously with preliminary materials.
        
  |_| Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
        
    (1) Amount Previously Paid:
        
   
    (2) Form, Schedule or Registration Statement No.:
        
   
    (3) Filing Party:
        
   
    (4) Date Filed:




July 23, 2010

Dear Shareholder:

A joint annual meeting of the BlackRock Closed-End Funds listed in Appendix A to the enclosed joint proxy statement (each, a “Fund”) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, September 2, 2010, at 12:30 p.m. (Eastern time), to consider and vote on the proposal discussed in the enclosed joint proxy statement.

The purpose of the meeting is to seek shareholder approval of the four nominees named in the enclosed joint proxy statement to the Board of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each Fund. Each Board has unanimously approved the four proposed nominees named in the enclosed joint proxy statement on behalf of its Fund (the “Board Nominees”), subject to approval by the Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers and that their election is in your best interests.

The Board Members responsible for your Fund recommend that you vote “FOR” the Board Nominees for your Fund. In connection with your vote, we urge you to read the full text of the enclosed joint proxy statement.

Your vote is important. Even if you plan to attend the meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or over the Internet. Alternatively, you may submit voting instructions by signing and dating each proxy card you receive, and if received by mail, returning it in the accompanying postage-paid return envelope.

You have received this joint proxy statement because you were a shareholder of record of at least one of the Funds listed in Appendix A on July 6, 2010. Certain other BlackRock Closed-End Funds not listed in Appendix A will also hold their annual meetings at the place and on the date stated above. If you were also a shareholder of record on July 6, 2010 of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds. Please be certain to sign, date and return each proxy card you receive.

If you have any questions about the proposal to be voted on, please call The Altman Group, Inc., the firm assisting us in the solicitation of proxies, at 1-866-796-7185.

Sincerely,

Howard B. Surloff
Secretary of the Funds

BlackRock Closed-End Funds
100 Bellevue Parkway, Wilmington, DE 19809
(800) 441-7762


(This page intentionally left blank)


IMPORTANT INFORMATION
FOR FUND SHAREHOLDERS

     While we encourage you to read the full text of the enclosed joint proxy statement, for your convenience we have provided a brief overview of the matters to be voted on.

Questions and Answers

Q.      Why am I receiving the joint proxy statement?
   
A.      Each Fund is required to hold an annual meeting of shareholders for the election of Board Members. This joint proxy statement describes a proposal to approve the nominees to the Board of the Fund(s) in which you own shares and provides you with other information relating to the meeting. The enclosed proxy card(s) indicate the Fund(s) in which you own shares. The table beginning on page 3 of the proxy statement identifies the Board Nominees for each Fund.
   
Q.      How do the Boards of the Funds recommend that I vote?
   
A.      The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers. The Boards have approved the Board Nominees named in the joint proxy statement, believe their election is in your best interests and recommend that you vote “FOR” each Board Nominee.
   
Q.      How do I vote my shares?
   
A.     

You can provide voting instructions by telephone by calling the toll-free number on the proxy card(s) or Notice of Internet Availability of Proxy Materials, or by computer by going to the Internet address provided on the Notice of Internet Availability of Proxy Materials or proxy card(s) and following the instructions. Alternatively, if you received your proxy card(s) by mail, you can vote your shares by signing and dating the proxy card(s) and mailing it in the enclosed postage-paid envelope.

You may also attend the meeting and vote by ballot in person; however, even if you intend to do so, we encourage you to provide voting instructions by one of the methods discussed above.

   
Q.      Will my vote make a difference?
   
A.      Your vote is very important and can make a difference in the governance and management of the Funds, no matter how many shares you own. Your vote can help ensure that the Board Nominees will be elected. We encourage all shareholders to participate in the governance of their Funds.
   
Q.      Are the Funds paying for the cost of the joint proxy statement?
   
A.     

The costs associated with the joint proxy statement, including the mailing and the proxy solicitation costs, will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of the joint proxy statement, also will be borne by the Funds. Costs that are borne by the Funds collectively will be allocated among the Funds on the basis of a combination of their respective net assets and number of shareholder accounts, except when direct costs can reasonably be attributed to one or more specific Funds.

The Funds and BlackRock, Inc. have retained The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 916, New York, NY 10165, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $55,000 and $1,245,000, respectively, for such services (including reimbursements of out-of-pocket expenses).

   
Q.      Whom do I call if I have questions?
   
A.      If you need more information, or have any questions about voting, please call Altman, the Funds’ proxy solicitor, at 1-866-796-7185.

Please vote now. Your vote is important.

To avoid the wasteful and unnecessary expense of further solicitation, we urge you to indicate your voting instructions on the proxy card(s), and if received by mail, date and sign it and return it promptly in the postage-paid envelope provided, or record your voting instructions by telephone or via the Internet, no matter how large or small your holdings may be. If your shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the meeting.



July 23, 2010

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON SEPTEMBER 2, 2010

A joint annual meeting of the shareholders of the BlackRock Closed-End Funds identified below (each, a “Fund”) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, September 2, 2010, at 12:30 p.m. (Eastern time), to consider and vote on the proposal, as more fully described in the accompanying joint proxy statement:

PROPOSAL 1.

To elect the four nominees named in the accompanying joint proxy statement to the Board of your Fund(s).
   

PROPOSAL 2.

To transact such other business as may properly come before the meeting or any adjournments, postponements or delays thereof.

The purpose of the meeting is to seek shareholder approval of the four nominees named in the accompanying joint proxy statement to the Board of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each Fund. Each Board has unanimously approved the four proposed nominees on behalf of its Fund (the “Board Nominees”), subject to approval by the Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers and that their election is in your best interests.

Your Board recommends that you vote “FOR” the Board Nominees upon which you are being asked to vote.

Shareholders of record of each Fund as of the close of business on July 6, 2010 are entitled to vote at the meeting and at any adjournments, postponements or delays thereof.

If you owned shares in more than one Fund as of July 6, 2010, you may receive more than one proxy card. Certain other BlackRock Closed-End Funds will also hold their annual meetings at the place and on the date stated above. If you were also a shareholder of record on July 6, 2010 of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds. Please be certain to sign, date and return each proxy card you receive.

If you have any questions about the proposal to be voted on, please call The Altman Group, Inc., the firm assisting us in the solicitation of proxies, at 1-866-796-7185.

By Order of the Boards,

Howard B. Surloff
Secretary of the Funds

BlackRock Closed-End Funds
100 Bellevue Parkway, Wilmington, DE 19809
(800) 441-7762


BlackRock Closed-End Funds
Holding Annual Meetings of Shareholders on September 2, 2010

Name of Fund
Ticker
BlackRock Apex Municipal Fund, Inc. APX
BlackRock California Municipal 2018 Term Trust BJZ
BlackRock California Municipal Income Trust BFZ
BlackRock Core Bond Trust BHK
BlackRock Credit Allocation Income Trust III BPP
BlackRock Credit Allocation Income Trust IV BTZ
BlackRock Defined Opportunity Credit Trust BHL
BlackRock Dividend Achievers™ Trust BDV
BlackRock EcoSolutions Investment Trust BQR
BlackRock Energy and Resources Trust BGR
BlackRock Enhanced Dividend Achievers™ Trust BDJ
BlackRock Floating Rate Income Trust BGT
BlackRock Florida Municipal 2020 Term Trust BFO
BlackRock Global Opportunities Equity Trust BOE
BlackRock Health Sciences Trust BME
BlackRock High Income Shares HIS
BlackRock High Yield Trust BHY
BlackRock Income Opportunity Trust, Inc. BNA
BlackRock Income Trust, Inc. BKT
BlackRock Insured Municipal Income Investment Trust BAF
BlackRock Insured Municipal Income Trust BYM
BlackRock International Growth and Income Trust BGY
BlackRock Investment Quality Municipal Income Trust RFA
BlackRock Investment Quality Municipal Trust, Inc. BKN
BlackRock Limited Duration Income Trust BLW
BlackRock Long-Term Municipal Advantage Trust BTA
BlackRock Maryland Municipal Bond Trust BZM
BlackRock MuniAssets Fund, Inc. MUA
BlackRock Municipal 2018 Term Trust BPK
BlackRock Municipal 2020 Term Trust BKK
BlackRock Municipal Bond Investment Trust BIE
BlackRock Municipal Bond Trust BBK
BlackRock Municipal Income Investment Trust BBF
BlackRock Municipal Income Trust BFK
BlackRock Municipal Income Trust II BLE
BlackRock New Jersey Investment Quality Municipal Trust, Inc. RNJ
BlackRock New Jersey Municipal Bond Trust BLJ
BlackRock New Jersey Municipal Income Trust BNJ
BlackRock New York Insured Municipal Income Trust BSE
BlackRock New York Investment Quality Municipal Trust, Inc. RNY
BlackRock New York Municipal 2018 Term Trust BLH
BlackRock New York Municipal Bond Trust BQH
BlackRock New York Municipal Income Trust BNY
BlackRock New York Municipal Income Trust II BFY
BlackRock Real Asset Equity Trust BCF
BlackRock S&P Quality Rankings Global Equity Managed Trust BQY
BlackRock Strategic Bond Trust BHD
BlackRock Strategic Dividend Achievers™ Trust BDT
BlackRock Virginia Municipal Bond Trust BHV
The BlackRock Insured Municipal Term Trust Inc. BMT
The BlackRock Pennsylvania Strategic Municipal Trust BPS
The BlackRock Strategic Municipal Trust BSD


TABLE OF CONTENTS

      Page

 

 

    
JOINT PROXY STATEMENT 1
SUMMARY OF PROPOSAL AND FUNDS VOTING 3
PROPOSAL 1—ELECTION OF BOARD MEMBER NOMINEES 5
       Vote Required and Manner of Voting Proxies 13
       Independent Registered Public Accounting Firm. 14
       Additional Information 16
Appendix A — Fund Information A-1
Appendix B — Compensation of the Board Members B-1
Appendix C — Equity Securities Owned by Board Members C-1
Appendix D — Meetings of the Boards D-1
Appendix E — Standing and Other Operating Committees of the Boards E-1
Appendix F — Executive Officers of the Funds F-1
Appendix G — Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees to Independent Registered Public Accountants G-1
Appendix H — 5% Share Ownership. H-1
Appendix I — Section 16 Filings I-1


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ANNUAL MEETING OF SHAREHOLDERS

SEPTEMBER 2, 2010

JOINT PROXY STATEMENT

     This joint proxy statement (this “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Board of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each BlackRock Closed-End Fund listed in Appendix A of this Proxy Statement (each, a “Fund”). The proxies will be voted at the joint annual meeting of shareholders of the Funds and at any and all adjournments, postponements or delays thereof. The meeting will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, September 2, 2010, at 12:30 p.m. (Eastern time). The meeting will be held for the purposes set forth in the accompanying notice.

     The Boards of the Funds have determined that the use of this Proxy Statement for the meeting is in the best interests of the Funds and their shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. Distribution to shareholders of this Proxy Statement and the accompanying materials, or a Notice of Internet Availability of Proxy Materials, will commence on or about July 23, 2010.

     Each Fund listed in Appendix A to this Proxy Statement is organized as a Massachusetts business trust (each, a “Massachusetts Trust”), a Maryland corporation (each, a “Maryland Corporation”) or a Delaware statutory trust (each, a “Delaware Trust”). The Massachusetts Trusts, Maryland Corporations and Delaware Trusts are closed-end investment companies registered under the Investment Company Act of 1940 (the “1940 Act”). A list identifying each Massachusetts Trust, Maryland Corporation and Delaware Trust is set forth in Appendix A.

     Shareholders of record of a Fund as of the close of business on July 6, 2010 (the “Record Date”) are entitled to notice of and to vote at that Fund’s meeting. Shareholders of the Funds are entitled to one vote for each share held, with no shares having cumulative voting rights. Holders of the auction market preferred stock, auction market preferred shares, auction preferred stock, auction preferred shares, auction rate preferred shares of beneficial interest, municipal auction rate cumulative preferred shares or auction rate municipal preferred shares (collectively, “AMPS”) of each of the Funds identified in Appendix A as having AMPS outstanding (collectively, the “AMPS Funds”) will have equal voting rights with the shares of common stock or common shares of beneficial interest (collectively, the “common shares”) of the AMPS Funds and, except as otherwise noted in this Proxy Statement, will vote together with the holders of common shares as a single class on each nominee to the Board of the AMPS Fund in which they own AMPS, except that they are entitled to vote separately as a class to elect two Board Members for each AMPS Fund in which they own AMPS. The quorum and voting requirements for each Fund are described in the section below entitled “Vote Required and Manner of Voting Proxies.”

     The number of shares outstanding of each Fund as of the close of business on the Record Date and the net assets of each Fund on the Record Date are shown in Appendix A. Except as set forth in Appendix H, to the knowledge of each Fund, as of June 30, 2010, no person was the beneficial owner of five percent or more of a class of a Fund’s outstanding shares.

     The Fund in which you owned shares on the Record Date is named on the proxy card or Notice of Internet Availability of Proxy Materials. If you owned shares in more than one Fund on the Record Date, you may receive more than one proxy card. Even if you plan to attend the meeting, please sign, date and return EACH proxy card you receive or, if you provide voting instructions by telephone or over the Internet, please vote on the proposal affecting EACH Fund you own. If you vote by telephone or over the Internet, you will be asked to enter a unique code that has been assigned to you, which is printed on your proxy card(s) or Notice of Internet Availability of Proxy Materials, as applicable. This code is designed to confirm your identity, provide access into the voting site and confirm that your voting instructions are properly recorded.

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     All properly executed proxies received prior to the meeting will be voted at the meeting. On any matter coming before the meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy card is properly executed and returned and no choice is specified with respect to the proposal, the shares will be voted “FOR” the proposal. Shareholders who execute proxies or provide voting instructions by telephone or the Internet may revoke them with respect to the proposal at any time before a vote is taken on the proposal by filing with the applicable Fund a written notice of revocation (addressed to the Secretary of the Fund at the principal executive offices of the Fund at the address above), by delivering a duly executed proxy bearing a later date or by attending the meeting and voting in person by ballot, in all cases prior to the exercise of the authority granted in the proxy card. Merely attending the meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank or other intermediary, please consult your bank or intermediary regarding your ability to revoke voting instructions after such instructions have been provided.

     Certain other BlackRock Closed-End Funds not listed in Appendix A will also hold their annual meetings at the place and date stated above. If you were also a shareholder of record on the Record Date of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds.

     Photographic identification and proof of ownership of Fund shares will be required for admission to the meeting. For directions to the meeting, please contact The Altman Group, Inc., the firm assisting us in the solicitation of proxies, at 1-866-796-7185.

     Each Fund will furnish, without charge, a copy of its annual report and most recent semi-annual report succeeding the annual report, if any, to a shareholder upon request. Such requests should be directed to the applicable Fund at Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, or by calling toll free at 1-800-441-7762. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the Securities and Exchange Commission’s website at www.sec.gov.

     BlackRock will update performance data for the Funds, as well as certain other data for Funds that are municipal funds, on a monthly basis on its website in the “Closed-End Funds” section of www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the BlackRock Closed-End Funds.

     Please note that only one annual or semi-annual report or Proxy Statement or Notice of Internet Availability of Proxy Materials may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or semi-annual report or this Proxy Statement or Notice of Internet Availability of Proxy Materials, or for instructions as to how to request a separate copy of these documents or as to how to request a single copy if multiple copies of these documents are received, shareholders should contact the applicable Fund at the address and phone number set forth above.

YOUR VOTE IS IMPORTANT

     To avoid the wasteful and unnecessary expense of further solicitation, we urge you to indicate voting instructions on the enclosed proxy card(s), and if received by mail, date and sign it and return it promptly in the postage-paid envelope provided, or record your voting instructions by telephone or via the Internet, no matter how large or small your holdings may be. If you submit a properly executed proxy card but do not indicate how you wish your shares to be voted, your shares will be voted “FOR” the proposal. If your shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the meeting.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR
THE SHAREHOLDER MEETING TO BE HELD ON SEPTEMBER 2, 2010

     The Proxy Statement is available at www.proxyonline.com/BlackRockFunds2010.

BlackRock Closed-End Funds
100 Bellevue Parkway, Wilmington, DE 19809
(800) 441-7762

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SUMMARY OF PROPOSAL AND FUNDS VOTING

     The following table shows the Funds for which the Board Nominees are standing for election.

    Nominees Standing for Election
AMPS
Nominee
Standing for
Election(2)
Fund Name
Ticker
Class I
Class II
Class III(1)
BlackRock Apex Municipal Fund, Inc. APX     X  
BlackRock California Municipal 2018 Term Trust BJZ     X  
BlackRock California Municipal Income Trust BFZ     X  
BlackRock Core Bond Trust BHK     X  
BlackRock Credit Allocation Income Trust III BPP     X  
BlackRock Credit Allocation Income Trust IV BTZ     X  
BlackRock Defined Opportunity Credit Trust BHL     X  
BlackRock Dividend Achievers™ Trust BDV     X  
BlackRock EcoSolutions Investment Trust BQR     X  
BlackRock Energy and Resources Trust BGR     X  
BlackRock Enhanced Dividend Achievers™ Trust BDJ     X  
BlackRock Floating Rate Income Trust BGT     X  
BlackRock Florida Municipal 2020 Term Trust BFO     X  
BlackRock Global Opportunities Equity Trust BOE     X  
BlackRock Health Sciences Trust BME     X  
BlackRock High Income Shares HIS     X  
BlackRock High Yield Trust BHY     X  
BlackRock Income Opportunity Trust, Inc. BNA     X  
BlackRock Income Trust, Inc. BKT     X  
BlackRock Insured Municipal          
   Income Investment Trust BAF     X  
BlackRock Insured Municipal Income Trust BYM     X  
BlackRock International Growth and          
   Income Trust BGY     X  
BlackRock Investment Quality Municipal          
   Income Trust RFA     X  
BlackRock Investment Quality Municipal          
   Trust, Inc. BKN     X  
BlackRock Limited Duration Income Trust BLW     X  
BlackRock Long-Term Municipal Advantage Trust BTA     X  
BlackRock Maryland Municipal Bond Trust BZM     X  
BlackRock MuniAssets Fund, Inc. MUA     X  
BlackRock Municipal 2018 Term Trust BPK     X  
BlackRock Municipal 2020 Term Trust BKK     X  
BlackRock Municipal Bond Investment Trust BIE     X  
BlackRock Municipal Bond Trust BBK     X  
BlackRock Municipal Income Investment Trust BBF     X  
BlackRock Municipal Income Trust BFK     X  
BlackRock Municipal Income Trust II BLE     X  
BlackRock New Jersey Investment Quality          
   Municipal Trust, Inc. RNJ     X  
BlackRock New Jersey Municipal Bond Trust BLJ     X  
BlackRock New Jersey Municipal Income Trust BNJ     X  
BlackRock New York Insured Municipal          
   Income Trust BSE     X  
BlackRock New York Investment Quality          
   Municipal Trust, Inc. RNY     X  
BlackRock New York Municipal 2018 Term Trust BLH     X  
BlackRock New York Municipal Bond Trust BQH     X  

3


    Nominees Standing for Election
AMPS
Nominee
Standing for
Election(2)
Fund Name
Ticker
Class I
Class II
Class III(1)
BlackRock New York Municipal Income Trust BNY     X  
BlackRock New York Municipal Income Trust II BFY     X  
BlackRock Real Asset Equity Trust BCF     X  
BlackRock S&P Quality Rankings Global          
    Equity Managed Trust BQY     X  
BlackRock Strategic Bond Trust BHD     X  
BlackRock Strategic Dividend Achievers™ Trust BDT     X  
BlackRock Virginia Municipal Bond Trust BHV     X  
The BlackRock Insured Municipal Term Trust Inc. BMT     X  
The BlackRock Pennsylvania Strategic          
    Municipal Trust BPS     X  
The BlackRock Strategic Municipal Trust BSD     X  

(1)  The Class III Board Member nominees are Richard E. Cavanagh, Kathleen F. Feldstein, Henry Gabbay and Jerrold B. Harris. For AMPS Funds, each of the Board Member nominees are voted upon by the common and preferred shareholders voting together as a single class. For Non-AMPS Funds, each nominee is voted upon by the common shareholders voting as a single class. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominees.
   
(2)      With respect to the AMPS Funds, Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Messrs. Kester’s and Fabozzi’s terms as Board Members are scheduled to expire in 2011 and 2012, respectively, and therefore they are not standing for election this year as AMPS Nominees. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominees.

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PROPOSAL 1—ELECTION OF BOARD MEMBER NOMINEES

     The purpose of Proposal 1 is to elect Board Member nominees for each Fund.

     Nominees for each Fund. The Board of each Fund consists of 10 Board Members, eight of whom are not “interested persons” of the Funds (as defined in the 1940 Act) (the “Independent Board Members”). Prior to December 31, 2009, the Board of each Fund had 12 Board Members. However, on December 31, 2009, Kent Dixon retired from the Board of each Fund pursuant to each Fund’s mandatory retirement policy, which requires Board Members to retire on December 31 in the year in which they turn 72. Following the retirement of Mr. Dixon, the Board of each Fund determined to reduce the number of Board Members from 12 to 11. On March 31, 2010, G. Nicholas Beckwith, III resigned from the Board of each Fund. Following Mr. Beckwith’s resignation, the Board of each Fund determined to reduce the number of Board Members from 11 to 10. As such, no persons have been nominated to replace Messrs. Beckwith or Dixon. The Funds divide their Board Members into three classes: Class I, Class II and Class III and generally only one class of Board Members stands for election each year. Only the Class III Board Members are standing for election this year. Each Class III Board Member elected at the meeting will serve until the later of the 2013 annual meeting or until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal.

     With respect to the AMPS Funds, the owners of AMPS are entitled to vote as a separate class to elect two of the Board Members (the “AMPS Nominees”) for the AMPS Fund in which they own AMPS. This means that owners of common shares are not entitled to vote in connection with the election of the AMPS Nominees. However, the owners of common shares and the owners of AMPS, voting together as a single class, are entitled to elect the remainder of the Board Member nominees. Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Messrs. Kester’s and Fabozzi’s terms as Board Members are scheduled to expire in 2011 and 2012, respectively, and therefore they are not standing for election this year as the AMPS Nominees.

     The Board recommends a vote “FOR” the election of Richard E. Cavanagh, Kathleen F. Feldstein, Henry Gabbay and Jerrold B. Harris (the “Board Nominees”). To vote for the Board Nominees, please vote by telephone or over the Internet, as described in the proxy card, or date and sign the enclosed proxy card and return it promptly in the enclosed postage-paid envelope. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.

     Please refer to the following table which identifies the Board Nominees, including any AMPS Nominees, for election to the Board of each Fund.

     Biographical Information. The following table sets forth certain biographical information about the Board Nominees for all of the Funds. Please note that only the Class III Board Members are standing for election for the Funds. Each Board Nominee was nominated by the Governance and Nominating Committee of the Board of each respective Fund. Richard E. Cavanagh was selected to serve as the Chair and Karen P. Robards was selected to serve as the Vice Chair of each Board. All of the closed-end registered investment companies advised by BlackRock Advisors, LLC, including the Funds, are referred to collectively as the “Closed-End Complex.”

5


Name, Address
and Year of Birth
    Position(s)
Held with
Funds
    Length
of Time
Served*
    Principal Occupation(s)
During Past Five Years
    Number of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting of
Investment
Portfolios
(“Portfolios”)
Overseen**
    Other Public
Company or
Investment
Company
Directorships
Held During
Past Five
Years***
Non-Interested Directors                
Richard E. Cavanagh(1)
55 East 52nd Street
New York, NY
10055

1946 		  Director/ Trustee and Chair of the Boards   2007 to present   Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life Insurance Company of America since 1998; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Adjunct Lecturer, Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.   99 RICs consisting of 97 Portfolios   Arch Chemical (chemical and allied products)
                      

Karen P. Robards
55 East 52nd Street
New York, NY 10055

1950

  Director/ Trustee, Vice Chair of the Boards and Chair of the Audit Committee   2007 to present   Partner of Robards & Company, LLC (financial advisory firm) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Medical Corp. from 1996 to 2005; Investment Banker at Morgan Stanley from 1976 to 1987.   99 RICs consisting of 97 Portfolios   AtriCure, Inc. (medical devices); Care Investment Trust, Inc. (health care REIT)
                      

Frank J. Fabozzi(2)
55 East 52nd Street
New York, NY 10055

1948

   Director/ Trustee and Member of the Audit Committee   2007 to present   Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in the Practice of Finance and Becton Fellow, Yale University, School of Management since 2006; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.   99 RICs consisting of 97 Portfolios   None
                      

Kathleen F. Feldstein(1)
55 East 52nd Street
New York, NY 10055

1941

   Director/ Trustee   2007 to present   President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus since 2008; Member of the Board of Partners Community Healthcare, Inc. from 2005 to 2009; Member of the Corporation of Partners HealthCare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the Visiting Committee to the Harvard University Art Museum since 2003; Director, Catholic Charities of Boston since 2009.   99 RICs consisting of 97 Portfolios   The McClatchy Company (publishing); BellSouth (telecommunications); Knight Ridder (publishing)

6


Name, Address
and Year of Birth
    Position(s)
Held with
Funds
    Length
of Time
Served*
    Principal Occupation(s)
During Past Five Years
    Number of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting of
Investment
Portfolios
(“Portfolios”)
Overseen**
    Other Public
Company or
Investment
Company
Directorships
Held During
Past Five
Years***

James T. Flynn
55 East 52nd Street
New York, NY 10055

1939

  Director/ Trustee and Member of the Audit Committee   2007 to present   Chief Financial Officer of JPMorgan & Co., Inc. from 1990 to 1995.   99 RICs consisting of 97 Portfolios   None
                      

Jerrold B. Harris(1)
55 East 52nd
Street New York, NY 10055

1942

  Director/ Trustee   2007 to present   Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment) since 2000; Director of Delta Waterfowl Foundation since 2001; President and Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.   99 RICs consisting of 97 Portfolios   BlackRock Kelso Capital Corp. (business development company)
                      

R. Glenn Hubbard
55 East 52nd
Street New York, NY 10055

1958

  Director/ Trustee   2007 to present   Dean, Columbia Business School since 2004; Columbia faculty member since 1988; Co-Director, Columbia Business School’s Entrepreneurship Program from 1997 to 2004; Chairman, U.S. Council of Economic Advisers under the President of the United States from 2001 to 2003; Chairman, Economic Policy Committee of the OECD from 2001 to 2003.   99 RICs consisting of 97 Portfolios   ADP (data and information services); KKR Financial Corporation (finance); Metropolitan Life Insurance Company (insurance)
                       

W. Carl Kester(2)
55 East 52nd Street
New York, NY 10055

1951

   Director/ Trustee and Member of the Audit Committee   2007 to present   George Fisher Baker Jr. Professor of Business Administration, Harvard Business School; Deputy Dean for Academic Affairs since 2006; Unit Head, Finance, Harvard Business School from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program of Harvard Business School from 1999 to 2005; Member of the Faculty of Harvard Business School since 1981; Independent Consultant since 1978.   99 RICs consisting of 97 Portfolios   None
                      
Interested Directors†            
                      

Richard S. Davis
55 East 52nd Street
New York, NY 10055

1945

  Director/ Trustee   2007 to present   Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005; Chairman, SSR Realty from 2000 to 2004.   169 RICs consisting of 292 Portfolios   None
                      

Henry Gabbay(1)
55 East 52nd Street
New York, NY 10055

1947

  Director/ Trustee   2007 to present   Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Treasurer of certain closed-end funds in the Closed-End Complex from 1989 to 2006.   169 RICs consisting of 292 Portfolios   None

(footnotes on following page)

7


* Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Board Members as joining the Boards in 2007, each Board Member first became a member of the Board of Directors/Trustees of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh since 1994; Richard S. Davis since 2007; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Henry Gabbay since 2007; Jerrold B. Harris since 1999; R. Glenn Hubbard since 2004; W. Carl Kester since 1998; and Karen P. Robards since 1998. Board Members serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.
   
**  For purposes of this chart, “RICs” refers to registered investment companies and “Portfolios” refers to the investment programs of the Funds. The Closed-End Complex is comprised of 99 RICs. Some of the RICs have the same investment program because they invest through a master-feeder structure, which results in the smaller number of Portfolios than RICs.
   
***      Directorships disclosed under this column do not include directorships disclosed under the column “Principal Occupation(s) During Past Five Years.”
   
†      Messrs. Davis and Gabbay are “interested persons” (as defined in the 1940 Act) of the Funds by virtue of their current or former positions with BlackRock Advisors, LLC, BlackRock Capital Management, Inc. or BlackRock Financial Management, Inc. (collectively, “BlackRock Advisors”), each a wholly owned subsidiary of BlackRock, Inc., and their ownership of BlackRock, Inc. and The PNC Financial Service Group, Inc. securities.
   
(1)      Class III Board Member and Board Nominee.
   
(2)      Board Members elected solely by the owners of AMPS.

     The Independent Board Members have adopted a statement of policy that describes the experiences, qualifications, skills and attributes that are necessary and desirable for potential Independent Board Member candidates (the “Statement of Policy”). The Boards believe that each Independent Board Member satisfied, at the time he or she was initially elected or appointed a Board Member, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore, in determining that a particular Board Member was and continues to be qualified to serve as a Board Member, the Boards have considered a variety of criteria, none of which, in isolation, was controlling. The Boards believe that, collectively, the Board Members have balanced and diverse experiences, skills, attributes and qualifications, which allow the Boards to operate effectively in governing the Funds and protecting the interests of shareholders. Among the attributes common to all Board Members is their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the Funds’ investment adviser, sub-advisers, other service providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties as Board Members. Each Board Member’s ability to perform his or her duties effectively is evidenced by his or her educational background or professional training; business, consulting, public service or academic positions; experience from service as a board member of the Funds or the other funds in the BlackRock fund complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other organizations; ongoing commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout the years; or other relevant life experiences.

8


     The table below discusses some of the experiences, qualifications and skills of each of our Board Members that support the conclusion that they should serve (or continue to serve) on the Boards.

Director
Experience, Qualifications and Skills

Richard E. Cavanagh*

Mr. Cavanagh brings to the Boards a wealth of practical business knowledge and leadership as an experienced director/trustee of various public and private companies. In particular, because Mr. Cavanagh served for over a decade as President and Chief Executive Officer of The Conference Board, Inc., a global business research organization, he is able to provide the Boards with expertise about business and economic trends and governance practices. Mr. Cavanagh created the “blue ribbon” Commission on Public Trust and Private Enterprise in 2002, which recommended corporate governance enhancements. Mr. Cavanagh’s service as a director of The Guardian Life Insurance Company of America and as a senior advisor and director of The Fremont Group provides added insight into investment trends and conditions. Mr. Cavanagh’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Mr. Cavanagh’s independence from the Funds and the Funds’ investment adviser enhances his service as Chair of the Boards, Chair of the ad hoc AMPS Committee, Chair of the Executive Committee and as a member of the Governance and Nominating Committee, Compliance Committee and Performance Oversight Committee.
 

Karen P. Robards

The Boards benefit from Ms. Robards’s many years of experience in investment banking and the financial advisory industry where she obtained extensive knowledge of the capital markets and advised clients on corporate finance transactions, including mergers and acquisitions and the issuance of debt and equity securities. Ms. Robards’s prior position as an investment banker at Morgan Stanley provides useful oversight of the Funds’ investment decisions and investment valuation processes. Additionally, Ms. Robards’s experience derived from serving as a director of Care Investment Trust, Inc., a health care real estate investment trust, provides the Boards with the benefit of her experience with the management practices of other financial companies. Ms. Robards’s long-standing service on the Boards also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Ms. Robards’s knowledge of financial and accounting matters qualifies her to serve as Vice Chair of the Boards and as the Chair of each Fund’s Audit Committee. Ms. Robards’s independence from the Funds and the Funds’ investment adviser enhances her service as a member of the Performance Oversight Committee, Executive Committee and ad hoc AMPS Committee. In addition, Ms. Robards is a member of the Joint Product Pricing Committee.
 

Frank J. Fabozzi

Dr. Fabozzi holds the designations of Chartered Financial Analyst and Certified Public Accountant. Dr. Fabozzi was inducted into the Fixed Income Analysts Society’s Hall of Fame and is the 2007 recipient of the C. Stewart Sheppard Award given by the CFA Institute. The Boards benefit from Dr. Fabozzi’s experiences as a professor and author in the field of finance. Dr. Fabozzi’s experience as a Professor in the Practice of Finance and Becton Fellow at the Yale University School of Management and as editor of the Journal of Portfolio Management demonstrate his wealth of expertise in the investment management and structured finance areas. Dr. Fabozzi has authored and edited numerous books and research papers on topics in investment management and financial econometrics, and his writings have focused on fixed income securities and portfolio management, many of which

9


 

are considered standard references in the investment management industry. Dr. Fabozzi’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Moreover, Dr. Fabozzi’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. Dr. Fabozzi’s independence from the Funds and the Funds’ investment adviser enhances his service as Chair of the Performance Oversight Committee and as a member of the ad hoc AMPS Committee.
 

Kathleen F. Feldstein*

Dr. Feldstein, who served as President of Economics Studies, Inc., an economic consulting firm, benefits the Boards by providing business leadership and experience and knowledge of economics. The Boards benefit from Dr. Feldstein’s experience as a director/trustee of publicly traded and private companies, including financial services, technology and telecommunications companies. Dr. Feldstein’s long-standing service on the Boards also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. In addition, Dr. Feldstein’s independence from the Funds and the Funds’ investment adviser enhances her service as Chair of the Compliance Committee and a member of the Governance and Nominating Committee and Performance Oversight Committee.
 

James T. Flynn

Mr. Flynn brings to the Boards a broad and diverse knowledge of business and capital markets as a result of his many years of experience in the banking and financial industry. Mr. Flynn’s five years as the Chief Financial Officer of JP Morgan & Co. provide the Boards with experience on financial reporting obligations and oversight of investments. Mr. Flynn’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Mr. Flynn’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. Mr. Flynn’s independence from the Funds and the Funds’ investment adviser enhances his service as a member of the Performance Oversight Committee.
 

Jerrold B. Harris*

Mr. Harris’s time as President and Chief Executive Officer of VWR Scientific Products Corporation brings to the Boards business leadership and experience and knowledge of the chemicals industry and national and international product distribution. Mr. Harris’s position as a director of BlackRock Kelso Capital Corporation brings to the Boards the benefit of his experience as a director of a business development company governed by the 1940 Act and allows him to provide the Boards with added insight into the management practices of other financial companies. Mr. Harris’s long- standing service on the Boards also provides him with a specific understanding of the Funds, their operations and the business and regulatory issues facing the Funds. Mr. Harris’s independence from the Funds and the Funds’ investment adviser fosters his role as a member of the Governance and Nominating Committee, Compliance Committee and Performance Oversight Committee. In addition, Mr. Harris is a member of the Joint Product Pricing Committee.
 

R. Glenn Hubbard

Dr. Hubbard has served in numerous roles in the field of economics, including as the Chairman of the U.S. Council of Economic Advisers of the President of the United States. Dr. Hubbard serves as the Dean of Columbia Business School, has served as a member of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of Government at Harvard University, the Harvard Business School and the University of Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States adds a dimension of balance to the Funds’ governance and provides perspective on economic issues. Dr. Hubbard’s service on the boards of KKR Financial

10


 

Corporation, ADP and Metropolitan Life Insurance Company provides the Boards with the benefit of his experience with the management practices of other financial companies. Dr. Hubbard’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Hubbard’s independence from the Funds and the Funds’ investment adviser enhances his service as the Chair of the Governance and Nominating Committee and a member of the Compliance Committee and Performance Oversight Committee.
 

W. Carl Kester

The Boards benefit from Dr. Kester’s experiences as a professor and author in finance, and his experience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business School and as Deputy Dean of Academic Affairs at Harvard Business School adds to the Board a wealth of expertise in corporate finance and corporate governance. Dr. Kester has authored and edited numerous books and research papers on both subject matters, including co-editing a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Kester’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. In addition, Dr. Kester’s independence from the Funds and the Funds’ investment adviser enhances his service as a member of the Performance Oversight Committee and ad hoc AMPS Committee.
 

Richard S. Davis

The Boards benefit from Mr. Davis’s experience as a Managing Director of BlackRock, Inc. and Chief Executive Officer of State Street Research & Management Company in light of his business leadership and experience. Mr. Davis’s experiences as the Chairman of State Street Research Mutual Funds and SSR Realty provide the Boards with practical business knowledge and leadership in the investment management industry. Mr. Davis’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Mr. Davis serves as a member of the Executive Committee.
 

Henry Gabbay*

The Boards benefit from Dr. Gabbay’s many years of experience in administration, finance and financial services operations. Dr. Gabbay’s experience as a Managing Director of BlackRock, Inc., Chief Administrative Officer of BlackRock Advisors, LLC and President of BlackRock Funds provides the Boards with insight into investment company operational, financial and investment matters. Dr. Gabbay’s former positions as Chief Administrative Officer of BlackRock Advisors, LLC and as Treasurer of certain closed-end funds in the Closed-End Complex provide the Boards with direct knowledge of the operations of the Funds and their investment advisers. Dr. Gabbay’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Gabbay serves as a member of the ad hoc AMPS Committee.
* Class III Board Member and Board Nominee.

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     Compensation. Information relating to compensation paid to the Independent Board Members and Dr. Gabbay for each Fund’s most recent fiscal year is set forth in Appendix B.

     Equity Securities Owned by Board Members. Information relating to the amount of equity securities owned by Board Members in the Funds that they are nominated to oversee, as well as certain other funds in the Closed-End Complex, as of May 31, 2010 is set forth in Appendix C.

     Attendance of Board Members at Annual Shareholders’ Meetings. It is the policy of all the Funds to encourage Board Members to attend the annual shareholders’ meeting. All of the Board Members of each Fund attended last year’s annual shareholders’ meeting.

     Board Meetings. During the calendar year 2009, the Board of each Fund met six times. Information relating to the number of times that the Boards met during each Fund’s most recent fiscal year is set forth in Appendix D. No incumbent Board Member attended less than 75% of the aggregate number of meetings of each Board and of each committee of each Board on which the Board Member served during each Fund’s most recently completed fiscal year.

     Standing and Other Operating Committees of the Boards. Information relating to the various standing and other operating committees of the Boards is set forth in Appendix E.

     The Boards of the AMPS Funds established an ad hoc Committee on AMPS (the “AMPS Committee”) in March 2008. The current members of the AMPS Committee are: Richard E. Cavanagh (Chair), Karen P. Robards, Frank J. Fabozzi, Henry Gabbay and W. Carl Kester. Since February 2008, most auction rate preferred shares, including the AMPS, have been unable to hold successful auctions and AMPS holders have faced reduced liquidity. The AMPS Committee was formed for the purpose of monitoring issues arising from recent market turmoil and overseeing efforts to address the effects of reduced AMPS liquidity on each Fund and to evaluate the liquidity considerations of the AMPS holders, each in a manner consistent with each Fund’s and its shareholders’ best interests and investment strategies. As of the date of this Proxy Statement, the AMPS Committee has met eight times in the last calendar year and 35 times since its formation. As of the date of this Proxy Statement, the total amount of redemptions of auction market preferred shares across the Closed-End Complex, including the AMPS Funds, equaled $3.190 billion, which represents approximately 32.5% of all auction market preferred shares outstanding for the Closed-End Complex as of February 2008. The AMPS Funds are currently exploring alternative forms of leverage in order to provide liquidity to holders of AMPS, including, among other things, development of a new form of preferred stock that includes a put feature, which would make the securities eligible for purchase by money market funds. The AMPS Funds are also exploring the use of additional alternative forms of leverage such as tender option bonds, repurchase agreements and credit facilities.

     Compliance with Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). Section 16(a) of the Exchange Act requires the Funds’ Board Members, executive officers, persons who own more than ten percent of a registered class of a Fund’s equity securities, BlackRock Advisors and certain officers of BlackRock Advisors, to file reports on holdings of, and transactions in, Fund shares with the Securities and Exchange Commission (“SEC”) and to furnish the Funds with copies of all such reports. Based solely on a review of copies of such reports furnished to the relevant Funds and representations from these reporting persons, each Fund believes that its Board Members, executive officers, ten percent holders, BlackRock Advisors and certain officers of BlackRock Advisors met all applicable SEC filing requirements except for late Forms 4 relating to the Fund’s most recently concluded fiscal year, as listed in Appendix I.

     Executive Officers of the Funds. Information about the executive officers of each Fund, including their year of birth and their principal occupations during the past five years, is set forth in Appendix F.

     Indemnification of Board Members and Officers. The governing documents of each Fund generally provide that, to the extent permitted by applicable law, the Fund will indemnify its Board Members and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Fund unless, as to liability to the Fund or its investors, it is finally adjudicated that they engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in their offices. In addition, the Fund will not

12


indemnify Board Members with respect to any matter as to which Board Members did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which Board Members had reasonable cause to believe that the conduct was unlawful. Indemnification provisions contained in a Fund’s governing documents are subject to any limitations imposed by applicable law.

     The Funds in the Closed-End Complex have also entered into a separate indemnification agreement with the Board Members of each Board (the “Indemnification Agreement”). The Indemnification Agreement (i) extends the indemnification provisions contained in a Fund’s governing documents to Board Members who leave that Fund’s Board and serve on an advisory board of a different fund in the Closed-End Complex; (ii) sets in place the terms of the indemnification provisions of a Fund’s governing documents once a Board Member retires from a Board; and (iii) in the case of Board Members who left the Board of a Fund in connection with or prior to the board consolidation that occurred in 2007 as a result of the merger of BlackRock and Merrill Lynch & Co., Inc.’s investment management business, clarifies that such Fund continues to indemnify the Board Member for claims arising out of his or her past service to that Fund.

     Your Board recommends that you vote “FOR” the election of each Board Nominee to the Board of your Fund(s).

VOTE REQUIRED AND MANNER OF VOTING PROXIES

     A quorum of shareholders is required to take action at each meeting. For APX and MUA, the holders of 1/3 of the shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum for purposes of conducting business on such matter. For the remainder of the Funds, the holders of a majority of the shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum for purposes of conducting business on such matter. The affirmative vote of a plurality of the votes cast with respect to a Board Nominee at a meeting at which a quorum is present is necessary to elect each of the respective Board Nominees under Proposal 1 for each respective Fund.

     Votes cast by proxy or in person at each meeting will be tabulated by the inspectors of election appointed for that meeting. The inspectors of election, who may be employees of a Fund, will determine whether or not a quorum is present at the meeting. The inspectors of election will treat abstentions and “broker non-votes” as present for purposes of determining a quorum. Broker non-votes occur when shares held by brokers or nominees, typically in “street name,” as to which proxies have been returned but (a) voting instructions have not been received from the beneficial owners or persons entitled to vote and (b) the broker or nominee does not have discretionary voting power or elects not to exercise discretion on a particular matter. Shares of AMPS of any Fund held in “street name” may be counted for purposes of establishing a quorum of that Fund if no instructions are received one business day before the applicable meeting or, if adjourned, one business day before the day to which the meeting is adjourned.

     If you hold your shares directly (not through a broker-dealer, bank or other financial institution) and if you return a signed and dated proxy card that does not specify how you wish to vote on a proposal, your shares will be voted “FOR” the Board Nominees in Proposal 1.

     Broker-dealer firms holding shares of a Fund in “street name” for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares on Proposal 1 before the meeting. The Funds understand that, under the rules of the New York Stock Exchange, such broker-dealer firms may for certain “routine” matters, without instructions from their customers and clients, grant discretionary authority to the proxies designated by the Board to vote if no instructions have been received prior to the date specified in the broker-dealer firm’s request for voting instructions. Proposal 1 is a “routine” matter and a properly executed proxy card or other authorization by a beneficial owner of Fund shares that does not specify how the beneficial owner’s shares should be voted on Proposal 1 may be deemed an instruction to vote such shares in favor of the proposal. Beneficial owners who do not provide proxy instructions or who do not return a proxy card may have their shares voted by broker-dealer firms in favor of Proposal 1.

 

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     If you hold shares of a Fund through a bank or other financial institution or intermediary (called a service agent) that has entered into a service agreement with the Fund or a distributor of the Fund, the service agent may be the record holder of your shares. At the meeting, a service agent will vote shares for which it receives instructions from its customers in accordance with those instructions. A properly executed proxy card or other authorization by a shareholder that does not specify how the shareholder’s shares should be voted on a proposal may be deemed to authorize a service provider to vote such shares in favor of the proposal. Depending on its policies, applicable law or contractual or other restrictions, a service agent may be permitted to vote shares with respect to which it has not received specific voting instructions from its customers. In those cases, the service agent may, but is not required to, vote such shares in the same proportion as those shares for which the service agent has received voting instructions. This practice is commonly referred to as “echo voting.”

     If you beneficially own shares that are held in “street name” through a broker-dealer or that are held of record by a service agent, and if you do not give specific voting instructions for your shares, they may not be voted at all or, as described above, they may be voted in a manner that you may not intend. Therefore, you are strongly encouraged to give your broker-dealer or service agent specific instructions as to how you want your shares to be voted.

     Approval of a Board Nominee by shareholders of a Fund will occur only if a sufficient number of votes are cast “FOR” the Board Nominee at the Fund’s meeting. Abstentions and broker non-votes will not be counted as votes cast. Because each Fund requires a plurality of votes to elect each of the Board Nominees, abstentions and broker non-votes will not have an effect on the outcome of Proposal 1.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     The Board Members, including a majority of the Independent Board Members, of each Fund have selected Deloitte & Touche LLP (“D&T”) as the independent registered public accounting firm for the Funds. D&T, in accordance with Independence Standards Board Standard No. 1 (ISB No. 1), has confirmed to each applicable Audit Committee that it is an independent registered public accounting firm with respect to each Fund.

     A representative of D&T is expected to be present at the meeting.

     Each Audit Committee has discussed with D&T its independence with respect to the Fund and certain matters required to be discussed by Statement on Auditing Standard No. 61, as currently modified or supplemented. Each Audit Committee has considered whether the provision of non-audit services by the Fund’s independent registered public accounting firm is compatible with maintaining the independence of that registered public accounting firm. Each Audit Committee also reviews and discusses the Fund’s financial statements with Fund management and the independent registered public accounting firm. If any material concerns arise during the course of the audit and the preparation of the audited financial statements mailed to shareholders and included in the Fund’s Annual Report to Shareholders, the Audit Committee would be notified by Fund management or the independent registered public accounting firm. The Audit Committees received no such notifications for any Fund during its most recently completed fiscal year. Following each Audit Committee’s review and discussion of the Fund’s independent registered public accounting firm, pursuant to authority delegated by its respective Board, each Audit Committee approved the respective Fund’s audited financial statements for the Fund’s most recently completed fiscal year (each Fund’s fiscal year end is set forth in Appendix G) for which audited financial statements are available be included in each Fund’s Annual Report to Shareholders.

     Appendix G sets forth for each Fund the fees billed by that Fund’s independent registered public accounting firm for the two most recent fiscal years for all audit and non-audit services provided directly to the Fund. The fee information in Appendix G is presented under the following captions:

     (a) Audit Fees—fees related to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements, including out-of-pocket expenses.

14

 

     (b) Audit-Related Fees—fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under “Audit Fees,” including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

     (c) Tax Fees—fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, tax distribution and analysis reviews and miscellaneous tax advice.

     (d) All Other Fees—fees for products and services provided to the Fund other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees.”

     Each Audit Committee is required to approve all audit engagement fees and terms for its Fund. Each Audit Committee also is required to consider and act upon (i) the provision by the Fund’s independent accountant of any non-audit services to the Fund, and (ii) the provision by the Fund’s independent accountant of non-audit services to BlackRock and any entity controlling, controlled by or under common control with BlackRock that provide ongoing services to the Fund (“Affiliated Service Providers”) to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. See Appendix G to this Proxy Statement for information about the fees paid by the Funds, their investment advisers, and Affiliated Service Providers to each Fund’s independent registered public accounting firm.

     The Audit Committee of each Fund complies with applicable laws and regulations with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to a Fund on an annual basis require specific pre-approval by the Fund’s Audit Committee. As noted above, the Audit Committee also must approve other non-audit services provided to a Fund and those non-audit services provided to a Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of a Fund. Each Audit Committee has implemented policies and procedures by which such services may be approved other than by the full Audit Committee. Subject to such policies and procedures, including applicable dollar limitations, the Audit Committee may pre-approve, without consideration on a specific case-by-case basis (“general pre-approval”), certain permissible non-audit services that the Audit Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent registered public accounting firm. Each service approved subject to general pre-approval is presented to each Audit Committee for ratification at the next regularly scheduled in-person board meeting.

     For each Fund’s two most recently completed fiscal years, there were no services rendered by D&T to the Funds for which the general pre-approval requirement was waived.

     Each Audit Committee has considered the provision of non-audit services that were rendered by D&T to the Fund’s Affiliated Service Providers that were not pre-approved (and did not require pre-approval) in connection with determining such auditor’s independence. All services provided by D&T to each Fund and each Fund’s Affiliated Service Provider that required pre-approval were pre-approved during the Fund’s most recently completed fiscal year.

     The Audit Committee of each Fund consists of the following Board Members:

     Karen P. Robards (Chair);
     Frank J. Fabozzi;
     James T. Flynn; and
     W. Carl Kester.

15


ADDITIONAL INFORMATION

5% Share Ownership

     As of June 30, 2010, to the best of the Funds’ knowledge, the persons listed in Appendix H beneficially owned or owned of record 5% or more of the outstanding shares of the class of the Funds indicated.

Submission of Shareholder Proposals

     A shareholder proposal intended to be presented at a future meeting of shareholders of a Fund must be received at the offices of the Fund, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, in accordance with the timing requirements set forth below. Timely submission of a proposal does not guarantee that such proposal will be included in a proxy statement.

     If a shareholder intends to present a proposal at the 2011 annual meeting of a Fund’s shareholders and desires to have the proposal included in such Fund’s proxy statement and form of proxy for that meeting pursuant to Rule 14a-8 under the Exchange Act, the shareholder must deliver the proposal to the offices of the appropriate Fund by March 25, 2011. In the event a Fund moves the date of its 2011 annual meeting by more than 30 days from the anniversary of its 2010 annual meeting, under current rules, shareholder submissions of proposals for inclusion in such Fund’s proxy statement and proxy card for the 2011 meeting pursuant to Rule 14a-8 under the Exchange Act must be delivered to the Fund a reasonable time before the Fund begins to print and send its proxy materials.

     Shareholders who do not wish to submit a proposal for inclusion in a Fund’s proxy statement and form of proxy for the 2011 annual meeting in accordance with Rule 14a-8 may submit a proposal for consideration at the 2011 annual meeting in accordance with the By-laws of the Fund. The By-laws for all of the Funds require that advance notice be given to the Fund in the event a shareholder desires to transact any business, including business from the floor, at an annual meeting of shareholders, including the nomination of Board Members. Notice of any such business or nomination must be in writing, comply with the requirements of the By-laws and be received by the Fund between Thursday, May 5, 2011 and Saturday, June 4, 2011. In order for proposals of shareholders made outside of Rule 14a-8 under the Exchange Act to be considered “timely” within the meaning of Rule 14a-4(c) under the Exchange Act, such proposals must be received at the Fund’s principal executive offices by Saturday, June 4, 2011. In the event a Fund moves the date of its 2011 annual meeting by more than 30 days from the anniversary of its 2010 annual meeting, shareholders who wish to submit a proposal or nomination for consideration at the 2011 annual meeting in accordance with the advance notice provisions of the By-laws of a Fund must deliver such proposal or nomination not later than the close of business on the tenth day following the day on which such notice of the date of the meeting was mailed or such public disclosure of the meeting date was made, whichever comes first. If such proposals are not “timely” within the meaning of Rule 14a-4(c), then proxies solicited by the Board for next year’s annual meeting may confer discretionary authority to the Board to vote on such proposals. Copies of the By-laws of each Fund are available on the EDGAR Database on the Securities and Exchange Commission’s website at www.sec.gov. Each Fund will also furnish, without charge, a copy of its By-laws to a shareholder upon request. Such requests should be directed to the appropriate Fund at Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, or by calling toll free at 1-800-441-7762.

     For all Funds, written proposals (including nominations) and notices should be sent to the Secretary of the Fund, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.

16


Shareholder Communications

     Shareholders who want to communicate with the Board or any individual Board Member should write their Fund to the attention of the Secretary, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. Shareholders may communicate with the Boards electronically by sending an email to closedendfundsbod@blackrock.com. The communication should indicate that you are a Fund shareholder. If the communication is intended for a specific Board Member and so indicates, it will be sent only to that Board Member. If a communication does not indicate a specific Board Member, it will be sent to the Chair of the Governance and Nominating Committee and the outside counsel to the Independent Board Members for further distribution as deemed appropriate by such persons.

     Additionally, shareholders with complaints or concerns regarding accounting matters may address letters to the Fund’s Chief Compliance Officer (“CCO”), Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. Shareholders who are uncomfortable submitting complaints to the CCO may address letters directly to the Chair of the Audit Committee of the Board that oversees the Fund. Such letters may be submitted on an anonymous basis.

Expense of Proxy Solicitation

     The cost of preparing, printing and mailing the enclosed proxy, accompanying notice and this Proxy Statement, and costs in connection with the solicitation of proxies will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of this Proxy Statement, also will be borne by the Funds. Costs that are borne by the Funds collectively will be allocated among the Funds on the basis of a combination of their respective net assets and number of shareholder accounts, except when direct costs can be reasonably attributed to one or more specific Funds.

     Solicitation may be made by mail, telephone, fax, e-mail or the Internet by officers or employees of BlackRock Advisors, or by dealers and their representatives. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation material to their principals to obtain authorization for the execution of proxies. The Funds will reimburse brokerage firms, custodians, banks and fiduciaries for their expenses in forwarding this Proxy Statement and proxy materials to the beneficial owners of each Fund’s shares. The Funds and BlackRock have retained The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 916, New York, NY 10165, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $55,000 and $1,245,000, respectively, for such services (including reimbursements of out-of-pocket expenses). Altman may solicit proxies personally and by mail, telephone, fax, e-mail or the Internet. Each Fund’s portion of the foregoing expenses is not subject to any cap or voluntary agreement to waive fees and/or reimburse expenses that may otherwise apply to that Fund.

Privacy Principles of the Funds

     BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

     If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

     BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial

17


intermediary, on applications, forms or other documents; (ii) information we receive from your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) information we receive from visits to our websites.

     BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

     BlackRock may share information with its affiliates to service a Client’s account or to provide Clients with information about other BlackRock products or services that may be of interest to them. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

General

     Management does not intend to present and does not have reason to believe that any other items of business will be presented at the meeting. However, if other matters are properly presented to the meeting for a vote, the proxies will be voted by the persons named in the enclosed proxy upon such matters in accordance with their judgment of the best interests of the Fund.

     A list of each Fund’s shareholders of record as of the Record Date will be available for inspection at the shareholder meeting. For each Delaware Trust, a list of shareholders of record as of the Record date will be available at the offices of the Funds, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, for inspection by such Fund’s shareholders during regular business hours beginning ten days prior to the date of the meeting.

     Failure of a quorum to be present at any meeting will necessitate adjournment. The persons named in the enclosed proxy may also move for an adjournment of any meeting to permit further solicitation of proxies with respect to the proposal if they determine that adjournment and further solicitation are reasonable and in the best interests of shareholders. Any such adjournment will require the affirmative vote of a majority of the shares of the Fund present in person or by proxy and entitled to vote at the time of the meeting to be adjourned. Any adjourned meeting or meetings may be held without the necessity of another notice. The persons named in the enclosed proxy will vote in favor of any such adjournment if they believe the adjournment and additional proxy solicitation are reasonable and in the best interests of the Fund’s shareholders. For purposes of determining the presence of a quorum, abstentions and broker non-votes will be treated as shares that are present at the meeting.

     Please vote promptly by signing and dating each enclosed proxy card, and if received by mail, returning it in the accompanying postage-paid return envelope OR by following the enclosed instructions to provide voting instructions by telephone or over the Internet.

By Order of the Boards,

Howard B. Surloff
Secretary of the Funds

July 23, 2010

18


Appendix A

Fund Information

     The following table lists, with respect to each Fund, the total number of shares outstanding and the net assets of the Fund on July 6, 2010, the record date for voting at the meeting. All Funds have a policy to encourage Board Members to attend the annual meeting.

Ticker    Fund Form of Organization Total
Common
Shares
Outstanding		 Total AMPS
Shares		   Net
Assets ($)
 
    
APX   BlackRock Apex Municipal Fund, Inc. Maryland Corporation 19,981,270 N/A   $ 184,282,052
BJZ   BlackRock California Municipal 2018 Term
   Trust†		 Delaware Statutory Trust 6,433,028 2,221   $ 94,930,998
BFZ   BlackRock California Municipal Income Trust† Delaware Statutory Trust 31,813,602 6,853   $ 451,343,451
BHK   BlackRock Core Bond Trust Delaware Statutory Trust 27,023,027 N/A   $ 367,682,083
BPP   BlackRock Credit Allocation Income Trust III† Delaware Statutory Trust 18,467,785 2,817   $ 216,405,088
BTZ   BlackRock Credit Allocation Income Trust IV† Delaware Statutory Trust 51,828,156 9,240   $ 709,055,515
BHL   BlackRock Defined Opportunity Credit Trust Delaware Statutory Trust 9,008,704 N/A   $ 120,262,977
BDV   BlackRock Dividend AchieversTM Trust Delaware Statutory Trust 54,518,315 N/A   $ 485,480,816
BQR   BlackRock EcoSolutions Investment Trust Delaware Statutory Trust 12,213,358 N/A   $ 112,044,305
BGR   BlackRock Energy and Resources Trust Delaware Statutory Trust 29,766,217 N/A   $ 677,506,543
BDJ   BlackRock Enhanced Dividend AchieversTM
  Trust		 Delaware Statutory Trust 70,982,390 N/A   $ 542,651,940
BGT   BlackRock Floating Rate Income Trust† Delaware Statutory Trust 23,564,801 2,352   $ 326,141,712
BFO   BlackRock Florida Municipal 2020 Term Trust† Delaware Statutory Trust 5,562,128 1,716   $ 81,704,431
BOE   BlackRock Global Opportunities Equity Trust Delaware Statutory Trust 68,810,161 N/A   $ 1,152,242,872
BME   BlackRock Health Sciences Trust Delaware Statutory Trust 7,591,500 N/A   $ 189,114,791
HIS   BlackRock High Income Shares Massachusetts Business Trust 54,620,872 N/A   $ 117,613,278
BHY   BlackRock High Yield Trust Delaware Statutory Trust 6,427,525 N/A   $ 42,264,324
BNA   BlackRock Income Opportunity Trust, Inc. Maryland Corporation 34,456,370 N/A   $ 365,420,398
BKT   BlackRock Income Trust, Inc. Maryland Corporation 63,942,535 N/A   $ 488,534,566
BAF   BlackRock Insured Municipal Income
   Investment Trust†		 Delaware Statutory Trust 8,737,567 1,691   $ 126,222,661
BYM   BlackRock Insured Municipal Income Trust† Delaware Statutory Trust 26,266,958 5,490   $ 370,931,932
BGY   BlackRock International Growth and Income
  Trust		 Delaware Statutory Trust 109,392,789 N/A   $ 1,028,864,875
RFA   BlackRock Investment Quality Municipal
  Income Trust†		 Massachusetts Business Trust 1,127,644 183   $ 13,754,028
BKN   BlackRock Investment Quality Municipal
  Trust, Inc.†		 Maryland Corporation 17,004,390 5,038   $ 232,772,460
BLW   BlackRock Limited Duration Income Trust Delaware Statutory Trust 36,889,650 N/A   $ 607,174,357
BTA   BlackRock Long-Term Municipal Advantage
  Trust		 Delaware Statutory Trust 13,345,151 N/A   $ 150,496,019
BZM   BlackRock Maryland Municipal Bond Trust† Delaware Statutory Trust 2,057,204 640   $ 30,415,131

A-1


Ticker     Fund Form of Organization Total
Common
Shares
Outstanding		 Total AMPS
Shares		       Net
Assets ($)
 
    
MUA   BlackRock MuniAssets Fund, Inc. Maryland Corporation 21,137,255 N/A   $ 267,672,307
BPK   BlackRock Municipal 2018 Term            
      Trust† Delaware Statutory Trust 15,908,028 5,354   $ 236,601,180
BKK   BlackRock Municipal 2020 Term            
      Trust† Delaware Statutory Trust 20,236,628 6,954   $ 297,637,679
BIE   BlackRock Municipal Bond            
      Investment Trust† Delaware Statutory Trust 3,333,337 714   $ 49,511,581
BBK   BlackRock Municipal Bond Trust† Delaware Statutory Trust 10,408,662 3,196   $ 150,184,074
BBF   BlackRock Municipal Income            
      Investment Trust† Delaware Statutory Trust 6,692,003 1,370   $ 92,413,988
BLE   BlackRock Municipal Income            
      Trust II† Delaware Statutory Trust 23,252,849 6,052   $ 324,683,156
BFK   BlackRock Municipal Income            
      Trust† Delaware Statutory Trust 44,410,441 10,835   $ 585,884,571
RNJ   BlackRock New Jersey Investment            
      Quality Municipal Trust, Inc.† Maryland Corporation 1,015,366 276   $ 12,637,041
BLJ   BlackRock New Jersey Municipal            
      Bond Trust† Delaware Statutory Trust 2,316,387 751   $ 33,750,255
BNJ   BlackRock New Jersey Municipal            
      Income Trust† Delaware Statutory Trust 7,596,636 2,364   $ 108,402,200
BSE   BlackRock New York Insured            
      Municipal Income Trust† Delaware Statutory Trust 6,480,561 1,623   $ 92,836,830
RNY   BlackRock New York Investment            
      Quality Municipal Trust, Inc.† Maryland Corporation 1,312,898 389   $ 18,405,631
BLH   BlackRock New York Municipal            
      2018 Term Trust† Delaware Statutory Trust 3,633,028 1,256   $ 57,133,401
BQH   BlackRock New York Municipal            
      Bond Trust† Delaware Statutory Trust 2,773,218 885   $ 42,062,046
BFY   BlackRock New York Municipal            
      Income Trust II† Delaware Statutory Trust 4,948,990 1,779   $ 73,210,362
BNY   BlackRock New York Municipal            
      Income Trust† Delaware Statutory Trust 12,778,686 3,780   $ 181,383,591
BCF   BlackRock Real Asset Equity            
      Trust Delaware Statutory Trust 56,888,447 N/A   $ 635,136,835
BQY   BlackRock S&P Quality Rankings            
      Global Equity Managed Trust Delaware Statutory Trust 6,033,028 N/A   $ 76,161,672
BHD   BlackRock Strategic Bond Trust Delaware Statutory Trust 7,058,401 N/A   $ 93,518,210
BDT   BlackRock Strategic Dividend            
      AchieversTM Trust Delaware Statutory Trust 26,908,028 N/A   $ 270,004,996
BHV   BlackRock Virginia Municipal            
      Bond Trust† Delaware Statutory Trust 1,568,738 467   $ 24,297,583
BMT   The BlackRock Insured Municipal            
      Term Trust Inc. Maryland Corporation 25,885,639 N/A   $ 261,140,305
BPS   The BlackRock Pennsylvania            
      Strategic Municipal Trust† Delaware Statutory Trust 2,023,930 653   $ 28,122,698
BSD   The BlackRock Strategic            
      Municipal Trust† Delaware Statutory Trust 7,290,063 1,719   $ 94,381,982
†  Denotes an AMPS Fund.

A-2


Appendix B

Compensation of the Board Members

     Each Board Member who is not an “interested person” (as defined in the 1940 Act) (the “Independent Board Members”), is paid an annual retainer of $250,000 per year for his or her services as a Board Member of all BlackRock-advised closed-end funds (the “Closed-End Complex”) that are overseen by the respective director/trustee and each Board Member may also receive a $10,000 board meeting fee for special unscheduled meetings or meetings in excess of six Board meetings held in a calendar year, together with out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair and Vice-Chair of the Board are paid an additional annual retainer of $120,000 and $40,000, respectively. The Chairs of the Audit Committee, Compliance Committee, Governance and Nominating Committee, and Performance Oversight Committee are paid an additional annual retainer of $35,000, $20,00 0, $10,000, and $20,000, respectively. Each Audit Committee member is paid an additional annual retainer of $25,000. For the year ended December 31, 2009, the Closed-End Complex reimbursed Independent Board Member expenses in an aggregate amount of $50,726. Each Fund shall pay a pro rata portion quarterly (based on relative net assets) of the foregoing Board Member fees paid by the funds in the Closed-End Complex.

     Dr. Gabbay is an interested person of the Funds and serves as an interested Board Member of three groups of BlackRock-advised funds—the Closed-End Complex and two complexes of open-end funds (the “Equity-Liquidity Complex” and the “Equity-Bond Complex”; each such complex, a “BlackRock Fund Complex”). Dr. Gabbay receives for his services as a Board Member of such BlackRock Fund Complexes (i) an annual retainer of $487,500 allocated to the funds in these three BlackRock Fund Complexes, including the Funds, based on their net assets and (ii) with respect to each of the two open-end BlackRock Fund Complexes, a Board meeting fee of $3,750 (with respect to meetings of the Equity-Liquidity Complex) and $18,750 (with respect to meetings of the Equity-Bond Complex) to be paid for attendance at each Board meeting up to five Board meetings held in a calendar year by each such complex (compensation for meetings in excess of this number to be determined on a case-by-case basis). Dr. Gabbay is also reimbursed for out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. Dr. Gabbay’s compensation for serving on the boards of the funds in these BlackRock Fund Complexes (including the Funds) is equal to 75% of each retainer and, as applicable, of each meeting fee (without regard to additional fees paid to Board and Committee chairs) received by the Independent Board Members serving on such boards. The Boards of the Funds or of any other fund in a BlackRock Fund Complex may modify the Board Members’ compensation from time to time depending on market conditions and Dr. Gabbay’s compensation would be impacted by those modifications.

     The Independent Board Members have agreed that a maximum of 50% of each Independent Board Member’s total compensation paid by funds in the Closed-End Complex may be deferred pursuant to the Closed-End Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn a return for the Independent Board Members as though equivalent dollar amounts had been invested in common shares of certain funds in the Closed-End Complex selected by the Independent Board Members. This has approximately the same economic effect for the Independent Board Members as if they had invested the deferred amounts in such other funds in the Closed-End Complex. The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of a fund and are recorded as a liability for accounting purposes. A fund may, however, elect to invest in common shares of those funds in the Closed-End Complex selected by the Independent Board Members in order to match its deferred compensation obligation.

B-1


     The following table sets forth the aggregate compensation, including deferred compensation amounts, paid to each Independent Board Member and Dr. Gabbay by each Fund during its most recently completed fiscal year and by the Closed-End Complex for the most recently completed calendar year.

Fund
Fund’s
Fiscal
Year
End
(1)
Richard E.
Cavanagh
(2)
 
Frank J.
Fabozzi
(3)
 
Kathleen F.
Feldstein
(4)
 
R. Glenn
Hubbard
(5)(11)
 
G. Nicholas
Beckwith, III
(6)
 
James T.
Flynn
(7)
 
Jerrold B.
Harris
(8)
 
W. Carl
Kester
(9)
 
Karen P.
Robards
(10)
 
Henry
Gabbay
(11)
 
Kent
Dixon
(12)
 
Fund
Total
APX 30-Apr $ 2,388   $ 1,904   $ 1,742   $ 1,678   $ 1,480   $ 1,775   $ 1,613   $ 1,775   $ 2,258   $ 614   $ 1,189   $ 18,416
BAF 31-Aug $ 1,684   $ 1,341   $ 1,233   $ 1,188   $ 1,142   $ 1,256   $ 1,142   $ 1,256   $ 1,581   $ 604   $ 1,256   $ 13,683
BBF 31-Jul $ 1,207   $ 960   $ 888   $ 855   $ 822   $ 904   $ 822   $ 904   $ 1,124   $ 378   $ 904   $ 9,768
BBK 31-Aug $ 1,811   $ 1,442   $ 1,327   $ 1,278   $ 1,228   $ 1,351   $ 1,228   $ 1,351   $ 1,699   $ 660   $ 1,351   $ 14,726
BCF 31-Oct $ 8,374   $ 6,677   $ 6,111   $ 5,885   $ 5,658   $ 6,224   $ 5,658   $ 6,224   $ 7,922   $ 3,571   $ 6,224   $ 68,528
BDJ 31-Oct $ 8,946   $ 7,133   $ 6,528   $ 6,287   $ 6,045   $ 6,649   $ 6,045   $ 6,649   $ 8,463   $ 3,348   $ 6,649   $ 72,742
BDT 31-Oct $ 3,986   $ 3,178   $ 2,909   $ 2,801   $ 2,693   $ 2,962   $ 2,693   $ 2,962   $ 3,770   $ 1,521   $ 2,962   $ 32,437
BDV 31-Oct $ 7,598   $ 6,058   $ 5,544   $ 5,339   $ 5,134   $ 5,647   $ 5,134   $ 5,567   $ 7,187   $ 2,878   $ 5,647   $ 61,813
BFK 30-Apr $ 7,550   $ 6,020   $ 5,510   $ 5,305   $ 4,679   $ 5,612   $ 5,101   $ 5,612   $ 7,142   $ 1,882   $ 3,745   $ 58,158
BFO 31-Jul $ 1,043   $ 830   $ 767   $ 739   $ 710   $ 781   $ 710   $ 781   $ 972   $ 329   $ 781   $ 8,443
BFY 31-Aug $ 949   $ 756   $ 695   $ 669   $ 644   $ 708   $ 644   $ 708   $ 891   $ 341   $ 708   $ 7,713
BFZ 31-Jul $ 2,722   $ 2,166   $ 2,003   $ 1,928   $ 1,854   $ 2,040   $ 1,854   $ 2,040   $ 2,536   $ 865   $ 2,040   $ 22,048
BGR 31-Oct $ 8,961   $ 7,145   $ 6,539   $ 6,297   $ 6,055   $ 6,660   $ 6,055   $ 6,660   $ 8,477   $ 3,797   $ 6,660   $ 73,306
BGT 31-Oct $ 3,947   $ 3,147   $ 2,880   $ 2,773   $ 2,667   $ 2,934   $ 2,667   $ 2,934   $ 3,734   $ 1,696   $ 2,934   $ 32,313
BGY 31-Oct $ 17,000   $ 13,554   $ 12,406   $ 11,946   $ 11,487   $ 12,635   $ 11,487   $ 12,635   $ 16,081   $ 6,742   $ 12,635   $ 138,608
BHD 31-Aug $ 1,142   $ 910   $ 837   $ 806   $ 775   $ 852   $ 775   $ 852   $ 1,072   $ 398   $ 852   $ 9,271
BHK 31-Aug $ 4,676   $ 3,725   $ 3,426   $ 3,299   $ 3,172   $ 3,489   $ 3,172   $ 3,489   $ 4,391   $ 1,608   $ 3,489   $ 37,936
BHL 31-Aug $ 1,450   $ 1,155   $ 1,063   $ 1,023   $ 984   $ 1,082   $ 984   $ 1,082   $ 1,360   $ 515   $ 1,082   $ 11,780
BHV 31-Aug $ 316   $ 252   $ 231   $ 223   $ 214   $ 236   $ 214   $ 236   $ 297   $ 114   $ 236   $ 2,569
BHY 31-Aug $ 490   $ 391   $ 360   $ 346   $ 333   $ 366   $ 333   $ 366   $ 460   $ 167   $ 366   $ 3,978
BIE 31-Aug $ 648   $ 516   $ 474   $ 457   $ 439   $ 483   $ 439   $ 483   $ 608   $ 231   $ 483   $ 5,261
BJZ 31-Dec $ 1,294   $ 1,032   $ 944   $ 909   $ 874   $ 962   $ 874   $ 962   $ 1,224   $ 649   $ 962   $ 10,686
BKK 30-Apr $ 3,788   $ 3,020   $ 2,764   $ 2,662   $ 2,347   $ 2,815   $ 2,559   $ 2,815   $ 3,583   $ 963   $ 1,879   $ 29,195
BKN 30-Apr $ 3,029   $ 2,415   $ 2,210   $ 2,128   $ 1,880   $ 2,251   $ 2,046   $ 2,251   $ 2,865   $ 772   $ 1,514   $ 23,361
BKT 31-Aug $ 6,504   $ 5,181   $ 4,762   $ 4,586   $ 4,409   $ 4,850   $ 4,409   $ 4,850   $ 6,113   $ 2,266   $ 4,850   $ 52,780
BLE 31-Aug $ 3,871   $ 3,083   $ 2,837   $ 2,732   $ 2,626   $ 2,889   $ 2,626   $ 2,889   $ 3,632   $ 1,405   $ 2,889   $ 31,479
BLH 31-Dec $ 818   $ 653   $ 597   $ 575   $ 553   $ 608   $ 553   $ 608   $ 774   $ 404   $ 608   $ 6,751
BLJ 31-Aug $ 418   $ 333   $ 306   $ 295   $ 284   $ 312   $ 284   $ 312   $ 393   $ 151   $ 312   $ 3,400
BLW 31-Aug $ 7,588   $ 6,044   $ 5,561   $ 5,355   $ 5,149   $ 5,664   $ 5,149   $ 5,664   $ 7,120   $ 2,609   $ 5,664   $ 61,567
BME 31-Oct $ 2,753   $ 2,195   $ 2,009   $ 1,934   $ 1,860   $ 2,046   $ 1,860   $ 2,046   $ 2,604   $ 1,134   $ 2,046   $ 22,487
BMT 31-Dec $ 4,130   $ 3,293   $ 3,014   $ 2,902   $ 2,791   $ 3,070   $ 2,791   $ 3,070   $ 3,907   $ 1,972   $ 3,070   $ 34,010
BNA 31-Aug $ 5,030   $ 4,006   $ 3,684   $ 3,547   $ 3,411   $ 3,752   $ 3,411   $ 3,752   $ 4,725   $ 1,746   $ 3,752   $ 40,816
BNJ 31-Jul $ 1,343   $ 1,068   $ 988   $ 951   $ 915   $ 1,006   $ 915   $ 1,006   $ 1,251   $ 425   $ 1,006   $ 10,874
BNY 31-Jul $ 2,247   $ 1,788   $ 1,653   $ 1,592   $ 1,531   $ 1,684   $ 1,531   $ 1,684   $ 2,093   $ 717   $ 1,684   $ 18,204
BOE 31-Oct $ 4,573   $ 3,646   $ 3,337   $ 3,213   $ 3,090   $ 3,399   $ 3,090   $ 3,399   $ 4,325   $ 3,767   $ 3,399   $ 39,238
BPK 31-Dec $ 3,136   $ 2,501   $ 2,289   $ 2,204   $ 2,119   $ 2,331   $ 2,119   $ 2,331   $ 2,967   $ 1,582   $ 2,331   $ 25,910
BPP 31-Oct $ 2,322   $ 1,852   $ 1,695   $ 1,632   $ 1,569   $ 1,726   $ 1,569   $ 1,726   $ 2,197   $ 993   $ 1,726   $ 19,007

 

B-2


Fund
Fund’s
Fiscal
Year
End
(1)
Richard E.
Cavanagh
(2)
 
Frank J.
Fabozzi
(3)
 
Kathleen F.
Feldstein
(4)
 
R. Glenn
Hubbard
(5)(11)
 
G. Nicholas
Beckwith, III
(6)
 
James T.
Flynn
(7)
 
Jerrold B.
Harris
(8)
 
W. Carl
Kester
(9)
 
Karen P.
Robards
(10)
 
Henry
Gabbay
(11)
 
Kent
Dixon
(12)
 
Fund
Total
BPS 30-Apr $ 371   $ 296   $ 271   $ 261   $ 230   $ 276   $ 251   $ 276   $ 351   $ 95   $ 185    $ 2,863
BQH 31-Aug $ 548   $ 437   $ 401   $ 387   $ 372   $ 409   $ 372   $ 409   $ 515   $ 198   $ 409   $ 4,457
BQR 31-Oct $ 1,873   $ 1,494   $ 1,367   $ 1,316   $ 1,266   $ 1,392   $ 1,266   $ 1,392   $ 1,772   $ 740   $ 1,392   $ 15,270
BQY 31-Oct $ 1,119   $ 892   $ 817   $ 786   $ 756   $ 832   $ 756   $ 832   $ 1,059   $ 453   $ 832   $ 9,134
BSD 30-Apr $ 1,233   $ 983   $ 900   $ 866   $ 765   $ 916   $ 833   $ 916   $ 1,166   $ 312   $ 614   $ 9,504
BSE 31-Aug $ 1,182   $ 941   $ 866   $ 834   $ 802   $ 882   $ 802   $ 882   $ 1,110   $ 431   $ 882   $ 9,614
BTA 30-Apr $ 1,964   $ 1,566   $ 1,433   $ 1,380   $ 1,219   $ 1,460   $ 1,327   $ 1,460   $ 1,858   $ 499   $ 981   $ 15,147
BTZ 31-Oct $ 8,025   $ 6,398   $ 5,856   $ 5,639   $ 5,422   $ 5,964   $ 5,422   $ 5,964   $ 7,591   $ 3,357   $ 5,964   $ 65,602
BYM 31-Aug $ 4,910   $ 3,911   $ 3,596   $ 3,463   $ 3,330   $ 3,663   $ 3,330   $ 3,663   $ 4,611   $ 1,757   $ 3,663   $ 39,897
BZM 31-Aug $ 384   $ 306   $ 281   $ 271   $ 260   $ 286   $ 260   $ 286   $ 360   $ 138   $ 286   $ 3,118
HIS 31-Aug $ 1,324   $ 1,054   $ 971   $ 935   $ 899   $ 989   $ 899   $ 989   $ 1,240   $ 451   $ 989   $ 10,740
MUA 30-Apr $ 3,469   $ 2,766   $ 2,531   $ 2,438   $ 2,151   $ 2,578   $ 2,344   $ 2,578   $ 3,281   $ 891   $ 1,728   $ 26,755
RFA 31-Jul $ 177   $ 141   $ 130   $ 125   $ 120   $ 132   $ 120   $ 132   $ 165   $ 56   $ 132   $ 1,430
RNJ 31-Jul $ 159   $ 126   $ 117   $ 113   $ 108   $ 119   $ 108   $ 119   $ 148   $ 51   $ 119   $ 1,287
RNY 31-Jul $ 232   $ 185   $ 171   $ 165   $ 158   $ 174   $ 158   $ 174   $ 217   $ 75   $ 174   $ 1,883
Total Compensation                                                                      
  from Closed-End                                                                      
  Complex (13) $ 370,448   $ 295,538   $ 270,046   $ 263,824   $ 250,000   $ 275,000   $ 250,000   $ 275,000   $ 350,000   $ 140,625   $ 275,604      
Number of RICs                                                                      
  in Closed-End                                                                      
  Complex Overseen                                                                      
  by Board Member   99     99     99     99     Resigned     99     99     99     99     99     Retired      
(1)      Information is for the Fund’s most recent fiscal year.
    
(2)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $375,666 as of 12/31/09.
    
(3)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $313,845 as of 12/31/09.
    
(4)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $279,895 as of 12/31/09.
    
(5)      Dr. Hubbard previously participated in the deferred compensation plan and is owed $622,312 by the Closed-End Complex as of 12/31/09 pursuant to such plan.
    
(6)      Mr. Beckwith resigned from the Boards on March 31, 2010. Mr. Beckwith previously participated in the deferred compensation plan and is owed $311,251 by the Closed-End Complex as of 12/31/09 pursuant to such plan.
    
(7)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $342,376 as of 12/31/09.
    
(8)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $311,251 as of 12/31/09.
    
(9)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $186,750 as of 12/31/09.
    
(10)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $180,290 as of 12/31/09.
    
(11)      As of December 31, 2009 the Board Member did not participate in the deferred compensation plan. During the calendar year 2009, Dr. Gabbay also received $46,875 from BlackRock Advisors, LLC as compensation for his service as a Board Member during the calendar year 2008.
    
(12)      Mr. Dixon retired from the Boards on December 31, 2009. Mr. Dixon previously participated in the deferred compensation plan and was paid $209,072 by the Closed-End Complex, the full amount of his deferred compensation, following his retirement.
    
(13)      Represents the aggregate compensation earned by such persons from the Closed-End Complex during the calendar year ended December 31, 2009. Of this amount, Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein, Mr. Beckwith, Mr. Flynn, Mr. Harris, Dr. Kester and Ms. Robards deferred $37,000, $14,750, $81,000, $125,000, $137,500, $125,000, $75,000 and $35,000, respectively, pursuant to the Closed-End Complex’s deferred compensation plan. Includes amounts received by Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein, Dr. Hubbard and Mr. Dixon during the calendar year ended December 31, 2009, due to deferred compensation payments in connection with term trust liquidations.

B-3


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Appendix C

Equity Securities Owned by Board Members

     The following table shows the amount of equity securities owned by the Board Members and Board Nominees in the Funds that they are nominated to oversee as of May 31, 2010, except as otherwise indicated. No Board Member owns AMPS.

Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Interested Board Members:                        
                             
Richard S. Davis     BlackRock Floating Rate     500     $1–$10,000     Over     —     —     Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Global   298   $1–$10,000   Over   —   —   Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock International   3,600   $10,001–   Over   —   —   Over
    Growth and Income Trust       $50,000   $100,000           $100,000
                             
    BlackRock Limited Duration   500   $1–$10,000   Over   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal 2018   500   $1–$10,000   Over   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Real Asset Equity   500   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
Henry Gabbay   BlackRock Apex Municipal   1,200   $10,001–   Over   —   —   Over
    Fund, Inc.       $50,000   $100,000           $100,000
                             
    BlackRock Core Bond Trust   100   $1–$10,000   Over   —   —   Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   Over   —   —   Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   1,000   $10,001–   Over   —   —   Over
    Income Trust IV       $50,000   $100,000           $100,000
                             
    BlackRock Defined   1,000   $10,001–   Over   —   —   Over
    Opportunity Credit Trust       $50,000   $100,000           $100,000
                             
    BlackRock Dividend   1,325   $10,001–   Over   —   —   Over
    AchieversTM Trust       $50,000   $100,000           $100,000
                             
    BlackRock EcoSolutions   1,245   $10,001–   Over   —   —   Over
    Investment Trust       $50,000   $100,000           $100,000
                             
    BlackRock Energy and   625   $10,001–   Over   —   —   Over
    Resources Trust       $50,000   $100,000           $100,000
                             
    BlackRock Enhanced   100   $1–$10,000   Over   —   —   Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    BlackRock Floating Rate   100   $1–$10,000   Over   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Global   1,226   $10,001–   Over   —   —   Over
    Opportunities Equity Trust       $50,000   $100,000           $100,000
                             
    BlackRock Health Sciences   650   $10,001–   Over $100,000   —   —   Over
    Trust       $50,000               $100,000

C-1


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Interested Board Members: (continued)                        
                             
Henry Gabbay     BlackRock High Income     100     $1–$10,000     Over     —     —     Over
(continued)   Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   100   $1–$10,000   Over   —   —   Over
                $100,000           $100,000
                             
    BlackRock Income   100   $1–$10,000   Over   —   —   Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust, Inc.   100   $1–$10,000   Over   —   —   Over
                $100,000           $100,000
                             
    BlackRock Insured Municipal   100   $1–$10,000   Over   —   —   Over
    Income Investment Trust           $100,000           $100,000
                             
    BlackRock Insured   100   $1–$10,000   Over   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   900   $1–$10,000   Over   —   —   Over
    Growth and Income Trust           $100,000           $100,000
                             
    BlackRock Investment Quality   100   $1–$10,000   Over   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock Investment   100   $1–$10,000   Over   —   —   Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   100   $1–$10,000   Over   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Long-Term   1,600   $10,001–   Over   —   —   Over
    Municipal Advantage Trust       $50,000   $100,000           $100,000
                             
    BlackRock MuniAssets   100   $1–$10,000   Over   —   —   Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Municipal 2018   100   $1–$10,000   Over   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   100   $1–$10,000   Over   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   100   $1–$10,000   Over   —   —   Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   100   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over   —   —   Over
    Income Investment Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over   —   —   Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock New York   700   $10,001–   Over   —   —   Over
    Municipal Bond Trust       $50,000   $100,000           $100,000
                             
    BlackRock New York   750   $10,001–   Over   —   —   Over
    Municipal Income Trust       $50,000   $100,000           $100,000
                             
    BlackRock New York   1,300   $10,001–   Over   —   —   Over
    Municipal Income Trust II       $50,000   $100,000           $100,000
                             
    BlackRock Real Asset Equity   1,200   $10,001–   Over   —   —   Over
    Trust       $50,000   $100,000           $100,000
                             
    BlackRock S&P Quality   1,090   $10,001–   Over   —   —   Over
    Rankings Global Equity       $50,000   $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   100   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000

C-2


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Interested Board Members: (continued)                        
                             
Henry Gabbay     BlackRock Strategic     1,325     $10,001–     Over     —     —     Over
(continued)   Dividend AchieversTM Trust       $50,000   $100,000           $100,000
                             
    The BlackRock Insured   100   $1–$10,000   Over   —   —   Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   900   $10,001–   Over   —   —   Over
    Municipal Trust       $50,000   $100,000           $100,000
 
Independent Board Members:                        
                             
Richard E. Cavanagh   BlackRock Apex Municipal   100   $1–$10,000   Over   —   —   Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Core Bond Trust   500   $1–$10,000   Over   —   —   Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   Over   —   —   Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   200   $1–$10,000   Over   4,123   $50,001–   Over
    Income Trust IV           $100,000       $100,000   $100,000
                             
    BlackRock Defined   500   $1–$10,000   Over   —   —   Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   100   $1–$10,000   Over   —   —   Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   100   $1–$10,000   Over   —   —   Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and   100   $1–$10,000   Over   1,848   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced   100   $1–$10,000   Over   5,282   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   200   $1–$10,000   Over   4,223   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   214   $1–$10,000   Over   —   —   Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   100   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   100   $1–$10,000   Over   —   —   Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   200   $1–$10,000   Over   —   —   Over
                $100,000           $100,000
                             
    BlackRock Income   100   $1–$10,000   Over   —   —   Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   500   $1–$10,000   Over   —   —   Over
    Inc.           $100,000           $100,000
                             
    BlackRock Insured   200   $1–$10,000   Over   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   100   $1–$10,000   Over   3,902   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Investment   500   $1–$10,000   Over   —   —   Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   100   $1–$10,000   Over   3,641   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Long-Term   200   $1–$10,000   Over   —   —   Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock MuniAssets   100   $1–$10,000   Over   —   —   Over
    Fund, Inc.           $100,000           $100,000

C-3


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Richard E. Cavanagh     BlackRock Municipal 2018     300     $1–$10,000     Over     —     —     Over
(continued)   Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   100   $1–$10,000   Over   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   100   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   300   $1–$10,000   Over   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over   —   —   Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock New York Insured   200   $1–$10,000   Over   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   100   $1–$10,000   Over   —   —   Over
    Investment Quality           $100,000           $100,000
    Municipal Trust, Inc.                        
                             
    BlackRock New York   100   $1–$10,000   Over   —   —   Over
    Municipal 2018 Term Trust           $100,000           $100,000
                             
    BlackRock New York   100   $1–$10,000   Over   —   —   Over
    Municipal Bond Trust           $100,000           $100,000
                             
    BlackRock New York   300   $1–$10,000   Over   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   100   $1–$10,000   Over   —   —   Over
    Municipal Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   200   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   100   $1–$10,000   Over   —   —   Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   300   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   100   $1–$10,000   Over   —   —   Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   100   $1–$10,000   Over   —   —   Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   500   $1–$10,000   Over   —   —   Over
    Municipal Trust           $100,000           $100,000
                             
Frank J. Fabozzi   BlackRock Apex Municipal   10   $1–$10,000   $50,001–   —   —   Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Core Bond Trust   20   $1–$10,000   $50,001–   —   —   Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   $50,001–   —   —   Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   $50,001–   3,595   $10,001–   Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
    BlackRock Defined   10   $1–$10,000   $50,001–   —   —   Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   300   $1–$10,000   $50,001–   —   —   Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   300   $1–$10,000   $50,001–   —   —   Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and   100   $1–$10,000   $50,001–   1,602   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000

C-4


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Frank J. Fabozzi     BlackRock Enhanced     100     $1–$10,000     $50,001–     4,647     $10,001–     Over
(continued)   Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   100   $1–$10,000   $50,001–   3,642   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Global   324   $1–$10,000   $50,001–   —   —   Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   100   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   100   $1–$10,000   $50,001–   —   —   Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   10   $1–$10,000   $50,001–   —   —   Over
                $100,000           $100,000
                             
    BlackRock Income   10   $1–$10,000   $50,001–   —   —   Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust, Inc.   2,010   $10,001–   $50,001–   —   —   Over
            $50,000   $100,000           $100,000
                             
    BlackRock Insured   10   $1–$10,000   $50,001–   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   300   $1–$10,000   $50,001–   3,394   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Investment   10   $1–$10,000   $50,001–   —   —   Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   100   $1–$10,000   $50,001–   3,143   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Long-Term   100   $1–$10,000   $50,001–   —   —   Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock MuniAssets   10   $1–$10,000   $50,001–   —   —   Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Municipal 2018   20   $1–$10,000   $50,001–   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   100   $1–$10,000   $50,001–   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   20   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   20   $1–$10,000   $50,001–   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   10   $1–$10,000   $50,001–   —   —   Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   100   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   100   $1–$10,000   $50,001–   —   —   Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   100   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   100   $1–$10,000   $50,001–   —   —   Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   10   $1–$10,000   $50,001–   —   —   Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Pennsylvania   100   $1–$10,000   $50,001–   —   —   Over
    Strategic Municipal Trust           $100,000           $100,000
                             
    The BlackRock Strategic   100   $1–$10,000   $50,001–   —   —   Over
    Municipal Trust           $100,000           $100,000

C-5


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Kathleen F. Feldstein     BlackRock Core Bond Trust     75     $1–$10,000     $10,001–     —     —     Over
                $50,000           $100,000
                             
    BlackRock Credit Allocation   85   $1–$10,000   $10,001–   —   —   Over
    Income Trust III           $50,000           $100,000
                             
    BlackRock Credit Allocation   149   $1–$10,000   $10,001–   3,438   $10,001–   Over
    Income Trust IV           $50,000       $50,000   $100,000
                             
    BlackRock Defined   402   $1–$10,000   $10,001–   —   —   Over
    Opportunity Credit Trust           $50,000           $100,000
                             
    BlackRock Dividend   73   $1–$10,000   $10,001–   —   —   Over
    AchieversTM Trust           $50,000           $100,000
                             
    BlackRock EcoSolutions   136   $1–$10,000   $10,001–   —   —   Over
    Investment Trust           $50,000           $100,000
                             
    BlackRock Energy and   54   $1–$10,000   $10,001–   1,571   $10,001–   Over
    Resources Trust           $50,000       $50,000   $100,000
                             
    BlackRock Enhanced   161   $1–$10,000   $10,001–   4,325   $10,001–   Over
    Dividend AchieversTM Trust           $50,000       $50,000   $100,000
                             
    BlackRock Floating Rate   83   $1–$10,000   $10,001–   3,245   $10,001–   Over
    Income Trust           $50,000       $50,000   $100,000
                             
    BlackRock Global   279   $1–$10,000   $10,001–   —   —   Over
    Opportunities Equity Trust           $50,000           $100,000
                             
    BlackRock Health Sciences   145   $1–$10,000   $10,001–   —   —   Over
    Trust           $50,000           $100,000
                             
    BlackRock High Income   167   $1–$10,000   $10,001–   —   —   Over
    Shares           $50,000           $100,000
                             
    BlackRock High Yield Trust   80   $1–$10,000   $10,001–   —   —   Over
                $50,000           $100,000
                             
    BlackRock Income   74   $1–$10,000   $10,001–   —   —   Over
    Opportunity Trust, Inc.           $50,000           $100,000
                             
    BlackRock Income Trust, Inc.   68   $1–$10,000   $10,001–   —   —   Over
                $50,000           $100,000
                             
    BlackRock Insured   67   $1–$10,000   $10,001–   —   —   Over
    Municipal Income Trust           $50,000           $100,000
                             
    BlackRock International   146   $1–$10,000   $10,001–   3,166   $10,001–   Over
    Growth and Income Trust           $50,000       $50,000   $100,000
                             
    BlackRock Investment   70   $1–$10,000   $10,001–   —   —   Over
    Quality Municipal Trust, Inc.           $50,000           $100,000
                             
    BlackRock Limited Duration   77   $1–$10,000   $10,001–   2,754   $10,001–   Over
    Income Trust           $50,000       $50,000   $100,000
                             
    BlackRock Long-Term   123   $1–$10,000   $10,001–   —   —   Over
    Municipal Advantage Trust           $50,000           $100,000
                             
    BlackRock Municipal 2018   68   $1–$10,000   $10,001–   —   —   Over
    Term Trust           $50,000           $100,000
                             
    BlackRock Municipal 2020   67   $1–$10,000   $10,001–   —   —   Over
    Term Trust           $50,000           $100,000
                             
    BlackRock Municipal Bond   71   $1–$10,000   $10,001–   —   —   Over
    Trust           $50,000           $100,000
                             
    BlackRock Municipal   71   $1–$10,000   $10,001–   —   —   Over
    Income Trust           $50,000           $100,000
                             
    BlackRock Municipal   70   $1–$10,000   $10,001–   —   —   Over
    Income Trust II           $50,000           $100,000
                             
    BlackRock Real Asset Equity   136   $1–$10,000   $10,001–   —   —   Over
    Trust           $50,000           $100,000

C-6


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Kathleen F. Feldstein     BlackRock S&P Quality     70     $1–$10,000     $10,001–     —     —     Over
(continued)   Rankings Global Equity           $50,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   77   $1–$10,000   $10,001–   —   —   Over
    Trust           $50,000           $100,000
                             
    BlackRock Strategic   72   $1–$10,000   $10,001–   —   —   Over
    Dividend AchieversTM Trust           $50,000           $100,000
                             
    The BlackRock Insured   63   $1–$10,000   $10,001–   —   —   Over
    Municipal Term Trust Inc.           $50,000           $100,000
                             
    The BlackRock Strategic   71   $1–$10,000   $10,001–   —   —   Over
    Municipal Trust           $50,000           $100,000
                             
James T. Flynn   BlackRock Credit Allocation   —   —   Over   4,469   $50,001–   Over
    Income Trust IV           $100,000       $100,000   $100,000
                             
    BlackRock Dividend   4,000   $10,001–   Over   —   —   Over
    AchieversTM Trust       $50,000   $100,000           $100,000
                             
    BlackRock Energy and   —   —   Over   2,048   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced   9,000   $50,001–   Over   5,537   $10,001–   Over
    Dividend AchieversTM Trust       $100,000   $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   —   —   Over   4,072   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   5,000   $50,001–   Over   —   —   Over
    Opportunities Equity Trust       $100,000   $100,000           $100,000
                             
    BlackRock International   9,000   $50,001–   Over   4,053   $10,001–   Over
    Growth and Income Trust       $100,000   $100,000       $50,000   $100,000
                             
    BlackRock Limited Duration   —   —   Over   3,413   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
Jerrold B. Harris   BlackRock Apex Municipal   100   $1–$10,000   $50,001–   —   —   Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Core Bond Trust   118   $1–$10,000   $50,001–   —   —   Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   131   $1–$10,000   $50,001–   —   —   Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   135   $1–$10,000   $50,001–   4,063   $10,001–   Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
    BlackRock Defined   101   $1–$10,000   $50,001–   —   —   Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   120   $1–$10,000   $50,001–   —   —   Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   133   $1–$10,000   $50,001–   —   —   Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and   270   $1–$10,000   $50,001–   1,862   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced   132   $1–$10,000   $50,001–   5,034   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   130   $1–$10,000   $50,001–   3,702   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   284   $1–$10,000   $50,001–   —   —   Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   117   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   131   $1–$10,000   $50,001–   —   —   Over
    Shares           $100,000           $100,000

C-7


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Jerrold B. Harris     BlackRock High Yield Trust     124     $1–$10,000     $50,001–     —     —     Over
(continued)               $100,000           $100,000
                             
    BlackRock Income   118   $1–$10,000   $50,001–   —   —   Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   111   $1–$10,000   $50,001–   —   —   Over
    Inc.           $100,000           $100,000
                             
    BlackRock Insured   100   $1–$10,000   $50,001–   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   142   $1–$10,000   $50,001–   3,685   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Investment   100   $1–$10,000   $50,001–   —   —   Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   120   $1–$10,000   $50,001–   3,103   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Long-Term   100   $1–$10,000   $50,001–   —   —   Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock Maryland   100   $1–$10,000   $50,001–   —   —   Over
    Municipal Bond Trust           $100,000           $100,000
                             
    BlackRock MuniAssets   100   $1–$10,000   $50,001–   —   —   Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Municipal 2018   115   $1–$10,000   $50,001–   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   113   $1–$10,000   $50,001–   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   117   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   118   $1–$10,000   $50,001–   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   117   $1–$10,000   $50,001–   —   —   Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   124   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   116   $1–$10,000   $50,001–   —   —   Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   121   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   120   $1–$10,000   $50,001–   —   —   Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   100   $1–$10,000   $50,001–   —   —   Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   117   $1–$10,000   $50,001–   —   —   Over
    Municipal Trust           $100,000           $100,000
                             
R. Glenn Hubbard   BlackRock Core Bond Trust   150   $1–$10,000   $50,001–   —   —   Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   170   $1–$10,000   $50,001–   —   —   Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   149   $1–$10,000   $50,001–   6,477   $50,001–   Over
    Income Trust IV           $100,000       $100,000   $100,000
                             
    BlackRock Defined   506   $1–$10,000   $50,001–   —   —   Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   146   $1–$10,000   $50,001–   —   —   Over
    AchieversTM Trust           $100,000           $100,000

C-8


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
R. Glenn Hubbard     BlackRock Energy and     274     $1–$10,000     $50,001–     2,848     $50,001–     Over
(continued)   Resources Trust           $100,000       $100,000   $100,000
                             
    BlackRock Enhanced   161   $1–$10,000   $50,001–   8,349   $50,001–   Over
    Dividend AchieversTM Trust           $100,000       $100,000   $100,000
                             
    BlackRock Floating Rate   166   $1–$10,000   $50,001–   6,751   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   350   $1–$10,000   $50,001–   —   —   Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   145   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   168   $1–$10,000   $50,001–   —   —   Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   160   $1–$10,000   $50,001–   —   —   Over
                $100,000           $100,000
                             
    BlackRock Income   149   $1–$10,000   $50,001–   —   —   Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   137   $1–$10,000   $50,001–   —   —   Over
    Inc.           $100,000           $100,000
                             
    BlackRock Insured   134   $1–$10,000   $50,001–   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   144   $1–$10,000   $50,001–   6,159   $50,001–   Over
    Growth and Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Investment   140   $1–$10,000   $50,001–   —   —   Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   155   $1–$10,000   $50,001–   5,912   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Long-Term   123   $1–$10,000   $50,001–   —   —   Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock Municipal 2018   136   $1–$10,000   $50,001–   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   133   $1–$10,000   $50,001–   —   —   Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   143   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   142   $1–$10,000   $50,001–   —   —   Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   140   $1–$10,000   $50,001–   —   —   Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock New York Insured   134   $1–$10,000   $50,001–   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   137   $1–$10,000   $50,001–   —   —   Over
    Investment Quality           $100,000           $100,000
    Municipal Trust, Inc.                        
                             
    BlackRock New York   131   $1–$10,000   $50,001–   —   —   Over
    Municipal 2018 Term Trust           $100,000           $100,000
                             
    BlackRock New York   138   $1–$10,000   $50,001–   —   —   Over
    Municipal Bond Trust           $100,000           $100,000
                             
    BlackRock New York   138   $1–$10,000   $50,001–   —   —   Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   136   $1–$10,000   $50,001–   —   —   Over
    Municipal Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   136   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000

C-9


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
R. Glenn Hubbard     BlackRock S&P Quality     139     $1–$10,000     $50,001–     —     —     Over
(continued)   Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   154   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   145   $1–$10,000   $50,001–   —   —   Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   125   $1–$10,000   $50,001–   —   —   Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   141   $1–$10,000   $50,001–   —   —   Over
    Municipal Trust           $100,000           $100,000
                             
W. Carl Kester   BlackRock Core Bond Trust   1,000   $10,001–   Over   —   —   Over
            $50,000   $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   Over   —   —   Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   —   —   Over   2,438   $10,001–   Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
    BlackRock Dividend   100   $1–$10,000   Over   —   —   Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   100   $1–$10,000   Over   —   —   Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and   —   —   Over   1,117   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced   —   —   Over   3,020   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   —   —   Over   2,221   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Global   751   $10,001–   Over   —   —   Over
    Opportunities Equity Trust       $50,000   $100,000           $100,000
                             
    BlackRock Health Sciences   100   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   500   $1–$10,000   Over   —   —   Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   100   $1–$10,000   Over   —   —   Over
                $100,000           $100,000
                             
    BlackRock Income   100   $1–$10,000   Over   —   —   Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   3,000   $10,001–   Over   —   —   Over
    Inc.       $50,000   $100,000           $100,000
                             
    BlackRock International   —   —   Over   2,211   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Limited Duration   —   —   Over   1,862   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Real Asset Equity   100   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   100   $1–$10,000   Over   —   —   Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   100   $1–$10,000   Over   —   —   Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   100   $1–$10,000   Over   —   —   Over
    Dividend AchieversTM Trust           $100,000           $100,000

C-10


Name of
Board Member 		         Fund Name          Number of
Shares of
Common
Stock 		         Aggregate
Dollar Range
of Equity
Securities
in Each
Fund 		         Aggregate
Dollar
Range
of Equity
Securities
in All
Funds
Overseen
or To Be
Overseen
by the
Board
Member in
Fund
Complex 		         Number
of Share
Equivalents
(1) 		         Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund 		         Aggregate
Dollar
Range of
Common
Stock and
Share
Equivalents
in Fund
Complex
 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
                             
Karen P. Robards     BlackRock Credit Allocation     —     —     $50,001–     2,303     $10,001–     Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
                             
    BlackRock Energy and   400   $1–$10,000   $50,001–   1,051   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Enhanced   —   —   $50,001–   2,926   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Floating Rate   —   —   $50,001–   2,176   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Health Sciences   500   $10,001–   $50,001–   —   —   Over
    Trust       $50,000   $100,000           $100,000
                             
                             
    BlackRock International   —   —   $50,001–   2,098   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Limited Duration   —   —   $50,001–   1,854   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock New York   750   $10,001–   $50,001–   —   —   Over
    Municipal 2018 Term Trust       $50,000   $100,000           $100,000
                             
                             
    BlackRock Real Asset Equity   700   $1–$10,000   $50,001–   —   —   Over
    Trust           $100,000           $100,000

(1)      Represents, as of May 31, 2010, the approximate number of share equivalents owned under the deferred compensation plans in the funds in the Closed-End Complex by certain Independent Board Members who have participated in the deferred compensation plans. Under the deferred compensation plans, BlackRock International Growth and Income Trust, BlackRock Enhanced Dividend Achievers™ Trust, BlackRock Energy and Resources Trust, BlackRock Floating Rate Income Trust, BlackRock Limited Duration Income Trust, BlackRock Credit Allocation Income Trust IV, BlackRock Corporate High Yield Fund VI, Inc. and BlackRock Credit Allocation Income Trust II, Inc. are eligible investments.

     As of May 31, 2010, all Board Members, Board Nominees and officers as a group owned less than 1% of the outstanding shares of each Fund which they are nominated to oversee.

     None of the Independent Board Members nor their family members had any interest in BlackRock or any person directly or indirectly controlling, controlled by, or under common control with BlackRock as of May 31, 2010.

C-11







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Appendix D

Meetings of the Boards

     During the most recent full fiscal year for each Fund listed in the table below, the Board met the following number of times:

  Fiscal Number of
Fund Year End Board Meetings
APX 30-Apr 5
BAF 31-Aug 9
BBF 31-Jul 8
BBK 31-Aug 9
BCF 31-Oct 6
BDJ 31-Oct 6
BDT 31-Oct 6
BDV 31-Oct 6
BFK 30-Apr 5
BFO 31-Jul 8
BFY 31-Aug 9
BFZ 31-Jul 8
BGR 31-Oct 6
BGT 31-Oct 6
BGY 31-Oct 6
BHD 31-Aug 9
BHK 31-Aug 9
BHL 31-Aug 9
BHV 31-Aug 9
BHY 31-Aug 9
BIE 31-Aug 9
BJZ 31-Dec 6
BKK 30-Apr 5
BKN 30-Apr 5
BKT 31-Aug 9
BLE 31-Aug 9
BLH 31-Dec 6
BLJ 31-Aug 9
BLW 31-Aug 9
BME 31-Oct 6
BMT 31-Dec 6
BNA 31-Aug 9
BNJ 31-Jul 8
BNY 31-Jul 8
BOE 31-Oct 6
BPK 31-Dec 6
BPP 31-Oct 6
BPS 30-Apr 5
BQH 31-Aug 9
BQR 31-Oct 6
BQY 31-Oct 6
BSD 30-Apr 5
BSE 31-Aug 9
BTA 30-Apr 5
BTZ 31-Oct 6
BYM 31-Aug 9
BZM 31-Aug 9
HIS 31-Aug 9
MUA 30-Apr 5
RFA 31-Jul 8
RNJ 31-Jul 8
RNY 31-Jul 8

D-1







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Appendix E

Standing and Other Operating Committees of the Boards

     The business and affairs of each Fund are managed by or under the direction of its Board.

     Standing Committees. The Board of each Fund has established the following standing committees:

     Audit Committee. Each Board has a standing Audit Committee comprised of Karen P. Robards (Chair), Frank J. Fabozzi, James T. Flynn and W. Carl Kester, all of whom are Independent Board Members. The principal responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial reporting polices and practices of the Fund. The Audit Committee’s responsibilities include, without limitation: (i) approving the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm (the “independent auditors”) and evaluating the independence and objectivity of the independent auditors; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each audit and discussing the Fund’s audited and unaudited financial statements; (iv) reviewing any issues raised by the independent auditor or management regarding the accounting or financial reporting policies and practices of the Fund, its internal controls, and, as appropriate, the internal controls of certain service providers and management’s response to any such issues; (v) reviewing and discussing the Fund’s audited and unaudited financial statements and disclosure in the Fund’s shareholder reports relating to the Fund’s performance; (vi) assisting the Board in considering the performance of the Fund’s internal audit function provided by its investment adviser, administrator, pricing agent or other service provider; and (vii) resolving any disagreements between Fund management and the independent auditors regarding financial reporting.

     A copy of the Audit Committee Charter for each Fund can be found in the “Corporate Governance” section of the BlackRock Closed-End Fund website at www.blackrock.com.1

     Governance and Nominating Committee. Each Board has a standing Governance and Nominating Committee. Each Governance and Nominating Committee is comprised of R. Glenn Hubbard (Chair), Richard E. Cavanagh, Kathleen F. Feldstein and Jerrold B. Harris, all of whom are Independent Board Members.

     The principal responsibilities of the Governance Committee are: (i) identifying individuals qualified to serve as Independent Board Members and recommending Independent Board Member nominees for election by shareholders or appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and committees (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect of Independent Board Member compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof to the Board; and (vi) acting as the administrative committee with respect to Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent Board Members.

     The Governance Committee of each Board seeks to identify individuals to serve on the Board who have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be better suited to fulfill its responsibility of overseeing the Fund’s activities. In so doing, the Governance Committee reviews the size of the Board, the ages of the current Board Members and their tenure on the Board, and the skills, background and experiences of the Board Members in light of the issues facing the Fund in determining whether one or more new directors should be added to the Board. The Governance Committee believes that the Board Members as a group possess the array of skills, experiences and backgrounds necessary to guide the Fund. The Board Members’ biographies included herein highlight the diversity and breadth of skills, qualifications and expertise that the Board Members bring to the Fund.

1      The website address where a copy of the Audit Committee Charter for the Fund can be found is: http://www1.blackrock.com/eIndex.aspx?cmty=ind&m=ind_1&m1=ind_1_2&lo=4&eid=35929&ln=36494.

E-1


     Each Governance and Nominating Committee may consider nominations for Board Members made by the Fund’s shareholders as it deems appropriate. Shareholders who wish to recommend a nominee should send a recommendation to the Fund’s Secretary that includes all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members or is required by the advance notice provision of the Fund’s By-laws. For a candidate to be considered by the Governance and Nominating Committee, a shareholder must submit the recommendation in writing and must include:

  • the name and record address of the shareholder, the class or series and number of shares of the Fund which are owned beneficially or of record by the shareholder, a description of all arrangements or understandings between the shareholder and each proposed candidate and any other person or persons (including their names) in connection with the nomination(s) made by the shareholder, a representation that the shareholder intends to appear in person or by proxy at the meeting to nominate the persons named in its recommendation, and any other information relating to the shareholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors/trustees pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and

  • the name, age, business address and residential address of the candidate(s), the principal occupation or employment of the candidate(s), the class or series and number of shares of the Fund which are owned beneficially or of record by the candidate(s), if any, and any other information relating to the candidate(s) that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors/trustees pursuant to Section 14 of the Exchange Act.

     Such recommendation must be accompanied by a written consent of each proposed candidate to being named as a nominee and to serve as a director/trustee if elected. The Governance and Nominating Committee may take into consideration the number of shares held by the recommending shareholder and the length of time that such shares have been held.

     A copy of the Governance and Nominating Committee Charter for each Fund can be found in the “Corporate Governance” section of the BlackRock Closed-End Fund website at www.blackrock.com.2

     Compliance Committee. Each Fund has a Compliance Committee composed of Kathleen F. Feldstein (Chair), Richard E. Cavanagh, Jerrold B. Harris and R. Glenn Hubbard, all of whom are Independent Board Members. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of BlackRock, and any subadvisor and the Fund’s other third party service providers. The Compliance Committee’s responsibilities include, without limitation: (i) overseeing the compliance policies and procedures of the Fund and its service providers; (ii) reviewing information on and, where appropriate, recommending policies concerning the Fund’s compliance with applicable law; (iii) reviewing information on any significant correspondence with or other actions by regulators or governmental agencies with respect to the Fund and any employee complaints or published reports that raise concerns regarding compliance matters; and (iv) reviewing reports from and making certain recommendations in respect of the Fund’s Chief Compliance Officer, including, without limitation, determining the amount and structure of the Chief Compliance Officer’s compensation. The Boards have adopted a written charter for each Compliance Committee.

     Performance Oversight Committee. Each Fund has a Performance Oversight Committee composed of Frank J. Fabozzi (Chair), Richard E. Cavanagh, Kathleen F. Feldstein, James T. Flynn, Jerrold B. Harris, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards, all of whom are Independent Board Members. The Performance Oversight Committee’s purpose is to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to the Fund’s investment objectives, policies and practices. The Performance Oversight Committee’s

2      The website address where a copy of the Governance and Nominating Committee Charter for the Fund can be found is: http://www1.blackrock.com/eIndex.aspx?cmty=ind&m=ind_1&m1=ind_1_2&lo=4&eid=35929&ln=36494.

E-2


responsibilities include, without limitation: (i) reviewing the Fund’s investment objectives, policies and practices; (ii) recommending to the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions; (iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Fund’s investment performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters; (vi) reviewing whether the Fund has complied with its investment polices and restrictions; and (vii) overseeing policies, procedures and control regarding valuation of the Fund’s investments. The Boards have adopted a written charter for each Performance Oversight Committee.

     Executive Committee. Each Fund has an Executive Committee composed of Richard E. Cavanagh and Karen P. Robards, both of whom are Independent Board Members, and Richard S. Davis, who serves as an interested Board Member. The principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and (iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board. The Boards have adopted a written charter for each Executive Committee.

Other Operating Committees. The Funds also have adopted the following ad hoc committees.

     Ad Hoc AMPS Committee. Each AMPS Fund has an ad hoc Committee on Auction Market Preferred Shares (the “AMPS Committee”) composed of Richard E. Cavanagh (Chair), Karen P. Robards, Frank J. Fabozzi, Henry Gabbay and W. Carl Kester. Since February 2008, most auction rate preferred shares, including the AMPS, have been unable to hold successful auctions and AMPS holders have faced reduced liquidity. The AMPS Committee was formed to monitor issues arising from recent market turmoil and oversee efforts to address the effects of reduced AMPS liquidity on each Fund and to evaluate the liquidity considerations of the AMPS holders, each in a manner consistent with each Fund’s and its shareholders’ best interests and investment strategies. As of the date of this Proxy Statement, the AMPS Committee has met eight times in the calendar year and 35 times since its formation. As of the date of this Proxy Statement, the total amount of redemptions of auction market preferred shares across the Closed-End Complex, including the AMPS Funds, equaled $3.190 billion, which represents approximately 32.5% of all auction market preferred shares outstanding for the Closed-End Complex as of February 2008. The AMPS Funds are currently exploring alternative forms of leverage in order to provide liquidity to holders of AMPS, including, among other things, development of a new form of preferred stock that includes a put feature, which would make the security eligible for purchase by money market funds. The AMPS Funds are also exploring the expanded use of additional alternative forms of leverage such as tender option bonds, repurchase agreements and credit facilities.

     Each Audit Committee, each Governance and Nominating Committee, each Compliance Committee, each Performance Oversight Committee, each Executive Committee and each AMPS Committee met the following number of times for each Fund’s most recent fiscal year:

Fund     Fiscal
Year End		     Number
of Audit
Committee
Meetings		     Number of
Governance
and
Nominating
Committee
Meetings		     Number of
Compliance
Committee
Meetings		     Number of
Performance
Oversight
Committee
Meetings		     Number of
Executive
Committee
Meetings		     Number of
Ad Hoc
AMPS
Committee
Meetings
 
 
 
 
 
 
 
APX   30-Apr   5   4   5   4   1   N/A
BAF   31-Aug   9   5   6   5   2   14
BBF   31-Jul   8   4   5   4   2   15
BBK   31-Aug   9   5   6   5   2   14
BCF   31-Oct   8   4   5   4   0   N/A
BDJ   31-Oct   8   4   5   4   0   N/A
BDT   31-Oct   8   4   5   4   0   N/A
BDV   31-Oct   8   4   5   4   0   N/A
BFK   30-Apr   5   4   5   4   1   11
BFO   31-Jul   9   4   5   4   2   15
BFY   31-Aug   9   5   6   5   2   14
BFZ   31-Jul   8   4   5   4   2   15
BGR   31-Oct   8   4   5   4   0   N/A

E-3


Fund     Fiscal
Year End		     Number
of Audit
Committee
Meetings		    Number of
Governance
and
Nominating
Committee
Meetings		     Number of
Compliance
Committee
Meetings		     Number of
Performance
Oversight
Committee
Meetings		     Number of
Executive
Committee
Meetings		     Number of
Ad Hoc
AMPS
Committee
Meetings
 
 
 
 
 
 
 
BGT   31-Oct   8   4   5   4   1   10
BGY   31-Oct   8   4   5   4   0   N/A
BHD   31-Aug   9   5   6   5   3   N/A
BHK   31-Aug   9   5   6   5   3   N/A
BHL   31-Aug   9   5   6   5   3   N/A
BHV   31-Aug   9   5   6   5   2   14
BHY   31-Aug   9   5   6   5   3   N/A
BIE   31-Aug   9   5   6   5   2   14
BJZ   31-Dec   7   4   5   4   1   8
BKK   30-Apr   5   4   5   4   1   11
BKN   30-Apr   5   4   5   4   1   11
BKT   31-Aug   9   5   6   5   3   N/A
BLE   31-Aug   9   5   6   5   2   14
BLH   31-Dec   7   4   5   4   1   8
BLJ   31-Aug   9   5   6   5   2   14
BLW   31-Aug   9   5   6   5   3   N/A
BME   31-Oct   8   4   5   4   0   N/A
BMT   31-Dec   7   4   5   4   1   N/A
BNA   31-Aug   9   5   6   5   3   N/A
BNJ   31-Jul   8   4   5   4   2   15
BNY   31-Jul   8   4   5   4   2   15
BOE   31-Oct   8   4   5   4   0   N/A
BPK   31-Dec   7   4   5   4   1   8
BPP   31-Oct   8   4   5   4   1   10
BPS   30-Apr   5   4   5   4   1   11
BQH   31-Aug   9   5   6   5   2   14
BQR   31-Oct   8   4   5   4   0   N/A
BQY   31-Oct   8   4   5   4   0   N/A
BSD   30-Apr   5   4   5   4   1   11
BSE   31-Aug   9   5   6   5   2   14
BTA   30-Apr   5   4   5   4   1   N/A
BTZ   31-Oct   8   4   5   4   1   10
BYM   31-Aug   9   5   6   5   2   14
BZM   31-Aug   9   5   6   5   2   14
HIS   31-Aug   9   5   6   5   3   N/A
MUA   30-Apr   5   4   5   4   1   N/A
RFA   31-Jul   8   4   5   4   2   15
RNJ   31-Jul   8   4   5   4   2   15
RNY   31-Jul   8   4   5   4   2   15

     Joint Product Pricing Committee. The boards of the Equity-Liquidity Complex, the Equity-Bond Complex and the Closed-End Complex established the ad hoc Joint Product Pricing Committee comprised of nine members drawn from the members serving on the Boards of these BlackRock Fund Complexes. Ms. Karen P. Robards and Mr. Jerrold B. Harris currently are members of the Joint Product Pricing Committee representing the Closed-End Complex. Five Independent Board Members representing the Equity-Bond Complex and two Independent Board Members representing the Equity-Liquidity Complex serve on the Joint Product Pricing Committee. The Joint Product Pricing Committee is chaired by Mr. John F. O’Brien. The purpose of the Joint Product Pricing Committee is to review the components and pricing structure of the non-money market funds in the BlackRock Fund Complexes. The Joint Product Pricing Committee was formed on June 4, 2009, and for the period from June 4, 2009 to June 3, 2010, the Joint Product Pricing Committee met six times.

E-4


Appendix F

Executive Officers of the Funds

     The executive officers of each Fund, their year of birth and their principal occupations during the past five years (their titles may have varied during that period) are shown in the table below. The address of each officer is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.

     Each executive officer is an “interested person” of the Funds (as defined in the 1940 Act) by virtue of that individual’s position with BlackRock or its affiliates described in the table below.

Information Pertaining to the Executive Officers

Name, Address
and Year of Birth		     Position(s) Held
with Fund		     Length of
Time Served		     Principal Occupations(s)
During Past 5 Years
 
 
 
Anne F. Ackerley
55 East 52nd Street
New York, NY 10055

1962		   President and Chief Executive Officer   Since 2007*   Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 2009; Chief Operating Officer of BlackRock’s Global Client Group since 2009; Chief Operating Officer of BlackRock’s U.S. Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 to 2006.
              
Brendan Kyne
55 East 52nd Street
New York, NY 10055

1977		   Vice President   Since 2009   Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009; Co-head of Product Development and Management for BlackRock’s U.S. Retail Group from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
              
Neal J. Andrews
55 East 52nd Street
New York, NY 10055

1966		   Chief Financial Officer   Since 2007   Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (US) Inc. from 1992 to 2006.
              
Jay M. Fife
55 East 52nd Street
New York, NY 10055

1970		   Treasurer   Since 2007   Managing Director of BlackRock, Inc. since 2007; Director of BlackRock, Inc. in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management L.P. advised Funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
              
Brian P. Kindelan
55 East 52nd Street
New York, NY 10055

1959 		  Chief Compliance Officer   Since 2007   Chief Compliance Officer of the BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
              
Howard B. Surloff
55 East 52nd Street
New York, NY 10055

1965		   Secretary   Since 2007   Managing Director and General Counsel of U.S. Funds of BlackRock, Inc. since 2006; General Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.

*     Ms. Ackerley has been President and Chief Executive Officer since 2009 and was Vice President from 2007 to 2009.

     With the exception of the CCO, executive officers receive no compensation from the Funds. The Funds compensate the CCO for his services as their CCO.

F-1







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Appendix G

Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees
to Independent Registered Public Accountants

Audit Fees and Audit-Related Fees

        Audit Fees   Audit-Related Fees
       
 
Fund   Fiscal
Year End†		   Most Recent
Fiscal Year ($)		   Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)		   Most Recent
Fiscal Year ($)		   Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)
 
 
 
 
 
APX     30-Apr     27,900     27,900     0         0    
BAF   31-Aug   28,900   28,000   3,500     3,500  
BBF   31-Jul   28,300   27,400   3,500     3,500  
BBK   31-Aug   28,900   28,000   3,500     3,500  
BCF   31-Oct   42,900   41,200   0     0  
BDJ   31-Oct   45,400   43,700   0     0  
BDT   31-Oct   39,800   39,600   0     0  
BDV   31-Oct   37,300   37,100   0     0  
BFK   30-Apr   33,700   33,700   3,500     3,500  
BFO   31-Jul   28,300   27,400   3,500     3,500  
BFY   31-Aug   27,500   26,800   3,500     3,500  
BFZ   31-Jul   28,700   27,800   3,500     3,500  
BGR   31-Oct   33,500   31,800   0     0  
BGT   31-Oct   52,300   49,300   3,500     3,500  
BGY   31-Oct   46,400   44,500   0     0  
BHD   31-Aug   36,300   33,300   0     0  
BHK   31-Aug   58,300   55,300   0     0  
BHL   31-Aug   53,000   62,000   0     8,000  
BHV   31-Aug   17,700   16,800   3,500     3,500  
BHY   31-Aug   40,500   39,000   0     0  
BIE   31-Aug   28,300   27,400   3,500     3,500  
BJZ   31-Dec   27,500   26,800   3,500     3,500  
BKK   30-Apr   28,200   28,200   3,500     3,500  
BKN   30-Apr   29,700   29,700   3,500     3,500  
BKT   31-Aug   58,300   55,300   0     0  
BLE   31-Aug   30,200   29,300   3,500     3,500  
BLH   31-Dec   27,500   26,800   3,500     3,500  
BLJ   31-Aug   28,200   27,300   3,500     3,500  
BLW   31-Aug   52,300   49,300   0     0  
BME   31-Oct   41,900   40,200   0     0  
BMT   31-Dec   27,500   26,800   0     3,500  
BNA   31-Aug   58,300   55,300   0     0  
BNJ   31-Jul   28,200   27,300   3,500     3,500  
BNY   31-Jul   28,200   27,300   3,500     3,500  
BOE   31-Oct   46,400   44,500   0     0  
BPK   31-Dec   28,200   27,300   3,500     3,500  
BPP   31-Oct   37,000   35,300   3,500     3,500  
BPS   30-Apr   20,200   20,200   3,500     3,500  
BQH   31-Aug   28,200   27,300   3,500     3,500  
BQR   31-Oct   42,900   41,000   0     0  
BQY   31-Oct   35,200   35,000   0     0  
BSD   30-Apr   30,200   30,200   3,500     3,500  
BSE   31-Aug   28,700   27,800   3,500     3,500  
BTA   30-Apr   29,700   29,700   0     0  
BTZ   31-Oct   47,700   45,500   3,500     3,500  
BYM   31-Aug   30,200   29,300   3,500     3,500  
BZM   31-Aug   28,200   27,300   3,500     3,500  
HIS   31-Aug   39,500   38,000   0     0  
MUA   30-Apr   27,900   27,900   0     0  
RFA   31-Jul   18,200   17,300   3,500     3,500  
RNJ   31-Jul   17,700   16,800   3,500     3,500  
RNY   31-Jul   17,000   16,300   3,500     3,500  

†    

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix is for the post-amended FYE.

G-1

Tax Fees and All Other Fees

        Tax Fees   All Other Fees
       
 
Fund     Fiscal
Year End†		     Most Recent
Fiscal Year($)		     Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)		     Most Recent
Fiscal Year ($)		   Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)
 
 
 
 
 
APX   30-Apr   6,100   6,100   0         1,028
BAF   31-Aug   6,100   6,100   1,028     1,049
BBF   31-Jul   6,100   6,100   1,028     1,049
BBK   31-Aug   6,100   6,100   1,028     1,049
BCF   31-Oct   6,662   6,100   1,028     1,049
BDJ   31-Oct   6,100   6,100   1,028     1,049
BDT   31-Oct   6,100   6,100   1,028     1,049
BDV   31-Oct   6,100   6,100   1,028     1,049
BFK   30-Apr   6,100   6,100   0     1,028
BFO   31-Jul   6,100   6,100   1,028     1,049
BFY   31-Aug   6,100   6,100   1,028     1,049
BFZ   31-Jul   6,100   6,100   1,028     1,049
BGR   31-Oct   6,100   6,100   1,028     1,049
BGT   31-Oct   6,100   6,100   1,028     1,049
BGY   31-Oct   6,100   6,100   1,028     1,049
BHD   31-Aug   6,100   6,100   1,028     1,049
BHK   31-Aug   6,100   6,100   1,028     1,049
BHL   31-Aug   6,100   6,100   1,028     1,049
BHV   31-Aug   6,100   6,100   1,028     1,049
BHY   31-Aug   6,100   6,100   1,028     1,049
BIE   31-Aug   6,100   6,100   1,028     1,049
BJZ   31-Dec   6,100   6,100   1,028     1,049
BKK   30-Apr   6,100   6,100   0     1,028
BKN   30-Apr   6,100   6,100   0     1,028
BKT   31-Aug   6,100   6,100   1,028     1,049
BLE   31-Aug   6,100   6,100   1,028     1,049
BLH   31-Dec   6,100   6,100   1,028     1,049
BLJ   31-Aug   6,100   6,100   1,028     1,049
BLW   31-Aug   6,100   6,100   1,028     1,049
BME   31-Oct   6,100   6,521   1,028     1,049
BMT   31-Dec   6,100   6,100   1,028     1,049
BNA   31-Aug   6,100   6,100   1,028     1,049
BNJ   31-Jul   6,100   6,100   1,028     1,049
BNY   31-Jul   6,100   6,100   1,028     1,049
BOE   31-Oct   6,326   6,521   1,028     1,049
BPK   31-Dec   6,100   6,100   1,028     1,049
BPP   31-Oct   6,100   6,100   1,028     1,049
BPS   30-Apr   6,100   6,100   0     1,028
BQH   31-Aug   6,100   6,100   1,028     1,049
BQR   31-Oct   6,100   6,521   1,028     1,049
BQY   31-Oct   6,100   6,100   1,028     1,049
BSD   30-Apr   6,100   6,100   0     1,028
BSE   31-Aug   6,100   6,100   1,028     1,049
BTA   30-Apr   6,100   6,100   0     1,028
BTZ   31-Oct   6,100   6,100   1,028     1,049
BYM   31-Aug   6,100   6,100   1,028     1,049
BZM   31-Aug   6,100   6,100   1,028     1,049
HIS   31-Aug   6,100   6,100   1,028     1,049
MUA   30-Apr   6,100   6,100   0     1,028
RFA   31-Jul   6,100   6,100   1,028     1,049
RNJ   31-Jul   6,100   6,100   1,028     1,049
RNY   31-Jul   6,100   6,100   1,028     1,049

†    

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix is for the post-amended FYE.

G-2


Fees for non-audit services provided to the Fund’s Affiliated Service Providers for which pre-approval by the Audit Committee was required:

        Audit-Related Fees        Tax Fees   All Other Fees  
       
 
 
Fund   Fiscal
Year End		   Most
Recent
Fiscal
Year ($) 		   Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)		   Most
Recent
Fiscal
Year ($)		   Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)		   Most
Recent
Fiscal
Year ($)		   Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)
 
 
 
 
 
 
 
APX     30-Apr     10,777         402,500     0     0     0     0
BAF   31-Aug   402,500     405,000   0   0   0   0
BBF   31-Jul   402,500     405,000   0   0   0   0
BBK   31-Aug   402,500     405,000   0   0   0   0
BCF   31-Oct   402,500     405,000   0   0   0   0
BDJ   31-Oct   402,500     405,000   0   0   0   0
BDT   31-Oct   402,500     405,000   0   0   0   0
BDV   31-Oct   402,500     405,000   0   0   0   0
BFK   30-Apr   10,777     402,500   0   0   0   0
BFO   31-Jul   402,500     405,000   0   0   0   0
BFY   31-Aug   402,500     405,000   0   0   0   0
BFZ   31-Jul   402,500     405,000   0   0   0   0
BGR   31-Oct   402,500     405,000   0   0   0   0
BGT   31-Oct   402,500     405,000   0   0   0   0
BGY   31-Oct   402,500     405,000   0   0   0   0
BHD   31-Aug   402,500     405,000   0   0   0   0
BHK   31-Aug   402,500     405,000   0   0   0   0
BHL   31-Aug   402,500     405,000   0   0   0   0
BHV   31-Aug   402,500     405,000   0   0   0   0
BHY   31-Aug   402,500     405,000   0   0   0   0
BIE   31-Aug   402,500     405,000   0   0   0   0
BJZ   31-Dec   402,500     405,000   0   0   0   0
BKK   30-Apr   10,777     402,500   0   0   0   0
BKN   30-Apr   10,777     402,500   0   0   0   0
BKT   31-Aug   402,500     405,000   0   0   0   0
BLE   31-Aug   402,500     405,000   0   0   0   0
BLH   31-Dec   402,500     405,000   0   0   0   0
BLJ   31-Aug   402,500     405,000   0   0   0   0
BLW   31-Aug   402,500     405,000   0   0   0   0
BME   31-Oct   402,500     405,000   0   0   0   0
BMT   31-Dec   402,500     405,000   0   0   0   0
BNA   31-Aug   402,500     405,000   0   0   0   0
BNJ   31-Jul   402,500     405,000   0   0   0   0
BNY   31-Jul   402,500     405,000   0   0   0   0
BOE   31-Oct   402,500     405,000   0   0   0   0
BPK   31-Dec   402,500     405,000   0   0   0   0
BPP   31-Oct   402,500     405,000   0   0   0   0
BPS   30-Apr   10,777     402,500   0   0   0   0
BQH   31-Aug   402,500     405,000   0   0   0   0
BQR   31-Oct   402,500     405,000   0   0   0   0
BQY   31-Oct   402,500     405,000   0   0   0   0
BSD   30-Apr   10,777     402,500   0   0   0   0
BSE   31-Aug   402,500     405,000   0   0   0   0
BTA   30-Apr   10,777     402,500   0   0   0   0
BTZ   31-Oct   402,500     405,000   0   0   0   0
BYM   31-Aug   402,500     405,000   0   0   0   0
BZM   31-Aug   402,500     405,000   0   0   0   0
HIS   31-Aug   402,500     405,000   0   0   0   0
MUA   30-Apr   10,777     402,500   0   0   0   0
RFA   31-Jul   402,500     405,000   0   0   0   0
RNJ   31-Jul   402,500     405,000   0   0   0   0
RNY   31-Jul   402,500     405,000   0   0   0   0

†     

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix is for the post-amended FYE.

G-3


Aggregate non-audit fees for services provided to each Fund and its Affiliated Service Providers, regardless of whether pre-approval was required:

        Aggregate Non-Audit Fees
       
Fund   Fiscal Year End†   Most Recent
Fiscal Year($)		   Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)
 
 
 
APX     30-Apr     16,877            409,628
BAF   31-Aug   413,128     415,649
BBF   31-Jul   413,128     409,549
BBK   31-Aug   413,128     415,649
BCF   31-Oct   410,190     412,149
BDJ   31-Oct   409,628     412,149
BDT   31-Oct   409,628     412,149
BDV   31-Oct   409,628     412,149
BFK   30-Apr   20,377     413,128
BFO   31-Jul   413,128     415,649
BFY   31-Aug   413,128     415,649
BFZ   31-Jul   413,128     409,549
BGR   31-Oct   409,628     412,149
BGT   31-Oct   413,128     415,649
BGY   31-Oct   409,628     412,149
BHD   31-Aug   409,628     412,149
BHK   31-Aug   409,628     406,049
BHL   31-Aug   409,628     420,149
BHV   31-Aug   413,128     415,649
BHY   31-Aug   409,628     412,149
BIE   31-Aug   413,128     415,649
BJZ   31-Dec   413,128     415,649
BKK   30-Apr   20,377     413,128
BKN   30-Apr   20,377     413,128
BKT   31-Aug   409,628     412,149
BLE   31-Aug   413,128     415,649
BLH   31-Dec   413,128     415,649
BLJ   31-Aug   413,128     415,649
BLW   31-Aug   409,628     412,149
BME   31-Oct   409,628     412,570
BMT   31-Dec   409,628     415,649
BNA   31-Aug   409,628     412,149
BNJ   31-Jul   413,128     415,649
BNY   31-Jul   413,128     415,649
BOE   31-Oct   409,854     412,570
BPK   31-Dec   413,128     415,649
BPP   31-Oct   413,128     415,649
BPS   30-Apr   20,377     413,128
BQH   31-Aug   413,128     415,649
BQR   31-Oct   409,628     412,570
BQY   31-Oct   409,628     412,149
BSD   30-Apr   20,377     413,128
BSE   31-Aug   413,128     415,649
BTA   30-Apr   16,877     409,628
BTZ   31-Oct   413,128     415,649
BYM   31-Aug   413,128     415,649
BZM   31-Aug   413,128     415,649
HIS   31-Aug   409,628     412,149
MUA   30-Apr   16,877     409,628
RFA   31-Jul   413,128     415,649
RNJ   31-Jul   413,128     415,649
RNY   31-Jul   413,128     415,649

†    

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix is for the post-amended FYE.

G-4


Appendix H

5% Share Ownership

     As of June 30, 2010, to the best knowledge of each Fund, the following persons beneficially owned 5% or more of the outstanding shares of the class of the Funds indicated:

Fund   Investor   Address   Common
Stock Held		   Common
Stock %
Held		   AMPS
Held 		   AMPS %
Held
 
 
 
 
 
 
BBF     Karpus     183 Sully’s Trail Road     —     —       214         15.60 %
    Management,   Pittsford, NY 14534                      
    Inc.                          
                               
BBF   Bank of America   Bank of America Corporate Center   —   —     461     33.60 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
 
BBF   Citigroup Global   388 Greenwich Street   —   —     306     15.40 %
    Markets Inc.   New York, NY 10013                      
                               
BBF   UBS AG   Bahnhofstrasse 45   —   —     222     11.20 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BFO   Bank of America   Bank of America Corporate Center   —   —     264     15.40 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BFO   UBS AG   Bahnhofstrasse 45   —   —     899     52.39 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BFZ   First Trust   120 East Liberty Drive, Suite 400   1,722,571   11.40 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
                               
BFZ   Bank of America   Bank of America Corporate Center   —   —     1,618     23.60 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BFZ   Citigroup Global   388 Greenwich Street   —   —     506     12.50 %
    Markets Inc.   New York, NY 10013                      
                               
BFZ   UBS AG   Bahnhofstrasse 45   —   —     722     10.54 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BNJ   Bank of America   Bank of America Corporate Center   —   —     400     16.90 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BNJ   Citigroup Global   388 Greenwich Street   —   —     371     15.30 %
    Markets Inc.   New York, NY 10013                      
                               
BNJ   UBS AG   Bahnhofstrasse 45   —   —     284     12.01 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BNY   Bank of America   Bank of America Corporate Center   —   —     1,029     27.10 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BNY   UBS AG   Bahnhofstrasse 45   —   —     211     5.58 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BNY   Citigroup Global   388 Greenwich Street   —   —     207     5.40 %
    Markets Inc.   New York, NY 10013                      
                               
RFA   Karpus   183 Sully’s Trail Road   —   —     77     42.10 %
    Management,   Pittsford, NY 14534                      
    Inc.                          
                               
RFA   Morgan Stanley   1585 Broadway   —   —     59     32.20 %
        New York, NY 10036                      
                               
RNJ   Bank of America   Bank of America Corporate Center   —   —     60     21.70 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
RNJ   Morgan Stanley   1585 Broadway   —   —     33     11.70 %
        New York, NY 10036                      

H-1


Fund   Investor   Address   Common
Stock Held		   Common
Stock %
Held 		   AMPS
Held 		   AMPS %
Held 
 
 
 
 
 
 
RNJ     UBS AG     Bahnhofstrasse 45     —     —       143         50.53 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
RNY   UBS AG   Bahnhofstrasse 45   —   —     231     59.38 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
RNY   Morgan Stanley   1585 Broadway   —   —     20     5.10 %
        New York, NY 10036                      
 
BJZ   Bank of America   Bank of America Corporate Center   —   —     881     39.70 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BHK   First Trust   120 East Liberty Drive, Suite 400   3,116,749   11.50 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
BHK   Morgan Stanley   1585 Broadway   1,391,503   5.10 %   —     —  
        New York, NY 10036                      
 
BHK   Wells Fargo &   420 Montgomery Street   1,508,471   5.58 %   —     —  
    Company   San Francisco, CA 94104                      
 
BPP   Bank of America   Bank of America Corporate Center   —   —     845     30.00 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BPP   UBS AG   Bahnhofstrasse 45   —   —     271     9.62 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BPP   Karpus   183 Sully’s Trail Rd   —   —     429     15.23 %
    Management,   Pittsford, NY 14534                      
    Inc.                          
                               
BTZ   Citigroup Global   388 Greenwich Street   —   —     955     10.30 %
    Markets Inc.   New York, NY 10013                      
 
BTZ   Bank of America   Bank of America Corporate Center   —   —     3,330     36.00 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BDV   First Trust   120 East Liberty Drive, Suite 400   3,779,290   6.90 %   —     —  
    Portfolios L.P   Wheaton, IL 60187                      
 
BDJ   First Trust   120 East Liberty Drive, Suite 400   4,525,108   6.50 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
                               
BGT   First Trust   120 East Liberty Drive, Suite 400   3,882,667   16.50 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
BGT   UBS AG   Bahnhofstrasse 45   —   —     1,039     44.18 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BME   Bank of America   Bank of America Corporate Center   940,793   12.40 %   —     —  
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
HIS   First Trust   120 East Liberty Drive, Suite 400   3,569,049   6.50 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
BNA   First Trust   120 East Liberty Drive, Suite 400   3,721,978   10.80 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
BAF   Citigroup Global   388 Greenwich Street   —   —     921     51.90 %
    Markets Inc.   New York, NY 10013                      
 
BAF   UBS AG   Bahnhofstrasse 45   —   —     279     16.50 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BYM   Citigroup Global   388 Greenwich Street   —   —     2,070     34.50 %
    Markets Inc.   New York, NY 10013                      

H-2


Fund   Investor   Address   Common
Stock Held		   Common
Stock %
Held		   AMPS
Held		   AMPS %
Held
 
 
 
 
 
 
BYM     UBS AG     Bahnhofstrasse 45     —     —       980         17.85 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BKN   Sakharam D.   2768 Palm Springs Lane   1,850,000   10.88 %   —     —  
    Mahurkar Trust   Aurora, IL 60502                      
 
BKN   Bank of America   Bank of America Corporate Center   —   —     2,357     46.80 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BKN   UBS AG   Bahnhofstrasse 45   —   —     568     12.98 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
 
BTA   First Trust   120 East Liberty Drive, Suite 400   926,124   6.90 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
BZM   Citigroup Global   388 Greenwich Street   —   —     420     65.60 %
    Markets Inc.   New York, NY 10013                      
 
BZM   Bank of America   Bank of America Corporate Center   —   —     54     8.50 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BZM   Karpus   183 Sully’s Trail Road   —   —     117     18.20 %
    Management,   Pittsford, NY 14534                      
    Inc.                          
                               
BPK   Bank of America   Bank of America Corporate Center   —   —     2,115     39.50 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BPK   UBS AG   Bahnhofstrasse 45   —   —     306     5.72 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BKK   Bank of America   Bank of America Corporate Center   —   —     1,151     16.50 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BKK   UBS AG   Bahnhofstrasse 45   —   —     3,413     49.08 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BIE   Bank of America   Bank of America Corporate Center   —   —     53     7.30 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BIE   Karpus   183 Sully’s Trail Road   —   —     282     39.50 %
    Management,   Pittsford, NY 14534                      
    Inc.                          
                               
BIE   Citigroup Global   388 Greenwich Street   —   —     310     29.60 %
    Markets Inc.   New York, NY 10013                      
 
BBK   Citigroup Global   388 Greenwich Street   —   —     714     22.20 %
    Markets Inc.   New York, NY 10013                      
 
BBK   Bank of America   Bank of America Corporate Center   —   —     561     17.50 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BBK   Karpus   183 Sully’s Trail Road   —   —     612     19.15 %
    Management,   Pittsford, NY 14534                      
    Inc.                          
                               
BFK   Citigroup Global   388 Greenwich Street   —   —     1,777     15.20 %
    Markets Inc.   New York, NY 10013                      
 
BFK   Bank of America   Bank of America Corporate Center   —   —     1,559     14.40 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BFK   UBS AG   Bahnhofstrasse 45   —   —     1,009     9.31 %
        PO Box CH-8021                      
        Zurich, Switzerland                      

H-3


Fund   Investor   Address   Common
Stock Held		   Common
Stock %
Held		     AMPS
Held		     AMPS %
Held
 
 
 
 
 
 
BLE     First Trust     120 East Liberty Drive, Suite 400     1,606,643     6.90 %   —       —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
BLE   Bank of America   Bank of America Corporate Center   —   —     2,897     47.87 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BLE   UBS AG   Bahnhofstrasse 45   —   —     370     6.14 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BLJ   Citigroup Global   388 Greenwich Street   —   —     133     17.30 %
    Markets Inc.   New York, NY 10013                      
 
BLJ   Bank of America   Bank of America Corporate Center   —   —     188     25.10 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BLJ   UBS AG   Bahnhofstrasse 45   —   —     92     12.25 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BLJ   Karpus   183 Sully’s Trail Road   —   —     236     31.40 %
    Management,   Pittsford, NY 14534                      
    Inc.                          
                               
BSE   Citigroup Global   388 Greenwich Street   —   —     318     19.10 %
    Markets Inc.   New York, NY 10013                      
 
BSE   UBS AG   Bahnhofstrasse 45   —   —     307     18.92 %
        PO Box CH-8021                      
        Zurich, Switzerland                      
                               
BSE   Bank of America   Bank of America Corporate Center   —   —     93     5.70 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BLH   Bank of America   Bank of America Corporate Center   —   —     474     37.70 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BQH   Citigroup Global   388 Greenwich Street   —   —     244     27.20 %
    Markets Inc.   New York, NY 10013                      
 
                               
BQH   Bank of America   Bank of America Corporate Center   —   —     113     12.80 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BQH   Bulldog   Park 80 West Plaza Two, Suite 750   —   —     200     22.60 %
    Investors   Saddle Brook, NJ 07663                      
 
                               
BFY   Bank of America   Bank of America Corporate Center   —   —     630     35.40 %
    Corporation   100 North Tryon Street                      
        Charlotte, NC 28255                      
                               
BCF   Morgan Stanley   1585 Broadway   2,917,483   5.10 %   —     —  
        New York, NY 10036                      
 
BQY   First Trust   120 East Liberty Drive, Suite 400   361,916   6.00 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
                               
BQY   1607 Capital   4991 Lake Brook Drive, Suite 125   595,746   9.87 %   —     —  
    Partners, LLC   Glen Allen, VA 23060                      
 
BDT   Claymore   2455 Corporate West Drive   1,359,566   5.05 %   —     —  
    Securities Defined   Lisle, IL 60532                      
    Portfolios                          
                               
BDT   First Trust   120 East Liberty Drive, Suite 400   3,442,419   12.80 %   —     —  
    Portfolios L.P.   Wheaton, IL 60187                      
 
BHV   Citigroup Global   388 Greenwich Street   —   —     146     30.00 %
    Markets Inc.   New York, NY 10013                      

H-4


Fund   Investor   Address   Common
Stock Held		   Common
Stock %
Held		   AMPS
Held 		   AMPS %
Held 
 
 
 
 
 
 
BHV     UBS AG     Bahnhofstrasse 45    —    —     36        7.71 %
        PO Box CH-8021                    
        Zurich, Switzerland                    
                             
BHV   Karpus   183 Sully’s Trail Road   —   —   203     43.50 %
    Management,   Pittsford, NY 14534                    
    Inc.                        
                             
BPS   Citigroup Global   388 Greenwich Street   —   —   197     29.30 %
    Markets Inc.   New York, NY 10013                    
 
BPS   Bank of America   Bank of America Corporate Center   —   —   109     16.70 %
    Corporation   100 North Tryon Street                    
        Charlotte, NC 28255                    
                             
BPS   UBS AG   Bahnhofstrasse 45   —   —   107     16.39 %
        PO Box CH-8021                    
        Zurich, Switzerland                    
                             
BPS   Karpus   183 Sully’s Trail Road   —   —   153     23.40 %
    Management,   Pittsford, NY 14534                    
    Inc.                        
                             
BSD   Citigroup Global   388 Greenwich Street   —   —   294     15.40 %
    Markets Inc.   New York, NY 10013                    
 
BSD   Bank of America   Bank of America Corporate Center   —   —   414     24.10 %
    Corporation   100 North Tryon Street                    
        Charlotte, NC 28255                    

H-5







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Appendix I

Section 16 Filings

Late Forms Relating to Each Fund’s Most Recently Concluded Fiscal Year

Fund     Filing Person     Number of Late Reports and
Number of Related Transactions
 
 
BlackRock MuniAssets Fund, Inc.   Peter Hayes   One Form 4 relating to two transactions

I-1



Important Notice Regarding the Availability of
Proxy Materials for the Annual Shareholder
Meeting to Be Held on September 2, 2010

BlackRock Closed-End Funds

Registration Here

(For formatting: top of this box should be at lateral marker 2)

The control number below will allow you to access proxy information for all investments connected with this Meeting.

YOUR PROXY CONTROL NUMBER    
    
             123456789XXX  
    
Dear Shareholder, July 23, 2010

This communication presents only an overview of the more complete proxy materials that are available to you on the Internet and by other means described below. We encourage you to access and review all of the important information contained in the proxy materials before voting. The proxy materials available to you include a proxy statement and a proxy card.

The proxy statement is available at www.proxyonline.com.

If you want to receive a paper or e-mail copy of these documents, you must request one. There is no charge to you for requesting a copy. Please make your request for a copy as instructed below on or before August 20, 2010 to facilitate timely delivery.

The Annual Meeting of Shareholders will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, September 2, 2010, at 12:30 p.m. (Eastern time). That Meeting will be held for the following purposes:

      1. To elect nominees to each Fund’s Board of Directors / Trustees; and
   
  2. To transact such other business as may properly come before the Meeting or any adjournments, postponements or delays thereof.

The Board of Trustees / Directors recommends a vote “FOR” all Board Nominees.

You may attend the Meeting and vote your shares by ballot at that time. If you cannot attend or do not wish to attend the Meeting, please obtain proxy materials via one of the methods listed below and cast your vote promptly so that your shares may be represented.


Thank you in advance for your participation.

Sincerely,

Howard B. Surloff
Secretary of the Funds

Please address any correspondence
regarding this matter to:
BlackRock Closed-End Funds
P.O. Box 6500
Carlstadt, NJ
07072		  

All proxy materials including the proxy statement can be obtained using one of the methods listed below.

INTERNET E-MAIL PHONE
 
Log on to the secure voting site To request a copy of the proxy Call toll-free 1-866-796-7185 and
www.proxyonline.com using the materials send an e-mail with your reference the control number listed
control number listed above. There control number in the subject line above to request a copy of the proxy
you may review the proxy materials, to: mailproxy@proxyonline.com materials. Proxy representatives will
request a hard copy of the materials (To receive hard copies via the mail) be ready to assist you Monday
and/or enter your voting instructions. or emailproxy@proxyonline.com through Friday from 9 a.m. to 10
You may also indicate your (To receive electronic copies via e- p.m. Eastern time.
instructions to receive all future mail). To elect either method above  
proxy materials from this issuer via for all future proxy materials from  
mail or e-mail. this issuer please type “Permanent  
  Request” in the body of the e-mail.  

SHAREHOLDER PRIVACY: Please note that no personal information other than the control number listed above is required to request proxy materials and/or issue your proxy voting instructions.

If you have any questions about obtaining proxy materials, please contact us at the number above.

 


BLACKROCK CLOSED-END FUNDS

** IMPORTANT NOTICE **

Regarding the Availability of Proxy Materials

You are receiving this communication because you hold shares in one of the BlackRock Closed-End Funds, and the materials you should review before you cast your vote are now available.

This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We encourage you to access and review all of the important information contained in the proxy materials before voting.

Shareholder Meeting to be held on 09/02/10

Proxy Materials Available

Proxy Statement & Proxy Card

PROXY MATERIALS - VIEW OR RECEIVE

You can choose to view the materials online or receive a paper or e-mail copy. There is NO charge for requesting a copy. Requests, instructions and other inquiries will NOT be forwarded to your investment advisor.

To facilitate timely delivery please make the request as instructed below on or before 8/20/10.
HOW TO VIEW MATERIALS VIA THE INTERNET

Have the 12 Digit Control Number(s) available and visit: www.proxyvote.com
HOW TO REQUEST A COPY OF MATERIALS


1) BY INTERNET - www.proxyvote.com
2) BY TELEPHONE - 1-800-579-1639
3) BY E-MAIL* - sendmaterial@proxyvote.com

*If requesting materials by e-mail, please send a blank e-mail with the 12 Digit Control Number (located on the following page) in the subject line.

See the Reverse Side for Meeting Information and Instructions on How to Vote


Meeting Information

Meeting Type: Annual
Meeting Date: 09/02/10
Meeting Time: 12:30 p.m. (Eastern time)
For holders as of: 07/06/10

Meeting Location:

BlackRock Advisors, LLC
11th Floor
Park Avenue Plaza
55 East 52nd Street
New York, NY 10055

Directions to the meeting can be obtained by calling toll free at 1-866-796-7185.

How To Vote

Vote In Person

Many shareholder meetings have attendance requirements including, but not limited to, the possession of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance.

Vote By Internet

To vote now by Internet, go to
WWW.PROXYVOTE.COM.
Please refer to the proposals and follow the instructions.

Voting items

The Board of Directors recommends that you vote “FOR” the proposal.

1.      TO ELECT BOARD MEMBER NOMINEES

01) Richard E. Cavanagh

02) Kathleen F. Feldstein

03) Henry Gabbay

04) Jerrold B. Harris

Voting Instructions



  (FUND NAME HERE)
(appropriate share class name listed here)
Proxy for Annual Meeting of Shareholders—September 2, 2010

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES

The undersigned hereby appoints Anne Ackerley, Brendan Kyne and Jay Fife, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of the above named fund held of record by the undersigned on July 6, 2010 at the Annual Meeting of Shareholders of the Fund to be held on September 2, 2010 or at any adjournments, postponements or delays thereof.

The validity of this proxy is governed by Delaware, Massachusetts or Maryland law, as applicable. This proxy does not revoke any prior powers of attorney except for prior proxies given in connection with the Annual Meeting of Shareholders.

 

    

THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF EACH OF THE BOARD NOMINEES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED AT THE ANNUAL MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.

 

PLEASE FOLD HERE AND RETURN ENTIRE BALLOT – DO NOT DETACH
-------------------------------------------------------------------------------------------------------------------------



BY INTERNET
To vote on the Internet, go to www.proxyonline.com and enter the 12-digit control number found on the reverse side of this Proxy Card. Follow the instructions provided.
BY TELEPHONE
To vote by telephone, call toll free 866-458-9863 and enter the 12-digit control number found on the reverse side of this Proxy Card. Follow the instructions provided. This touch-tone voting service is available 24 hours a day, seven days a week.
BY MAIL
To vote by mail, mark the appropriate voting box on the reverse side of this Proxy Card, sign and date the Proxy Card and return it in the enclosed postage-paid envelope or mail to: BlackRock Closed-End Funds, P.O. Box 6500, Carlstadt, NJ 07072.

 


(FUND NAME HERE)

CONTROL NUMBER          

SAMPLE BALLOT ONLY

 

PLEASE CAST YOUR VOTE PROMPTLY. EVERY SHAREHOLDER'S VOTE IS IMPORTANT.

THIS PROXY CARD MUST BE SIGNED AND DATED FOR YOUR INSTRUCTIONS TO BE COUNTED AND WILL BE VOTED IN THE MANNER INDICATED, OR IF NO INSTRUCTION HAS BEEN INDICATED BELOW, A VOTE WILL BE CAST “FOR” EACH BOARD MEMBER NOMINEE. PLEASE VOTE, SIGN AND DATE BELOW AND RETURN YOUR PROXY CARD PROMPTLY IN THE ENCLOSED ENVELOPE.

PLEASE MARK THE BOXES BELOW IN BLUE OR BLACK INK.

 

To vote the proxy for all Board Member Nominees in the same manner, please use the boxes below.

    FOR ALL ABSTAIN ALL
    |_| |_|
To vote for each Board Member Nominee individually, please use these boxes.    
 
1. TO ELECT BOARD MEMBER NOMINEES FOR ABSTAIN
Richard E. Cavanagh   |_| |_|
Kathleen F. Feldstein   |_| |_|
Henry Gabbay   |_| |_|
Jerrold B. Harris   |_| |_|

Please be sure to sign and date this Proxy Card. Please sign exactly as your name(s) appear(s) on this Proxy Card. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee, or guardian, please give full title as such. If a corporation, please sign in full corporate name by an authorized officer. If a partnership, please sign in partnership name by an authorized person.

_________________________________________
Shareholder sign here

_________________________________________
Joint owner sign here

_________________________________________
Date

(BARCODE HERE) (TAGID HERE) (CUSIP HERE)  
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